secwatch.observer — SEC 8-K summary
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Issuer:     Sable Offshore Corp. (SOC)
CIK:        0001831481
Form:       8-K
Filed at:   2026-07-02T20:51:49+00:00
Accession:  0001831481-26-000092
Event type: debt
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1831481/000183148126000092/0001831481-26-000092-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1831481/000183148126000092/socc-20260630.htm
  HTML page:      https://secwatch.observer/filing/0001831481-26-000092

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