Sable Offshore raises $345M in convertible notes, $107M in stock, and $675M term loan to repay Exxon Mobil debt

Sable Offshore Corp.

Issued $345M of 6.5% Convertible Senior Notes due 2031; initial conversion price ~$4.00 per share.
Concurrent common stock offering of 32.5M shares (plus over-allotment) raised ~$107M net.
Entered $675M Term Loan B at 15% interest and $500M revolver (initially $0 borrowing base).
Proceeds used to repay Senior Secured Term Loan with Exxon Mobil; Exxon affiliate holds $299.17M of Term Loan B.
New credit facilities mature Dec 2028; Term Loan B requires mandatory excess cash flow prepayments.

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