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Sable Offshore Raises Capital via $300 Million Notes and Share Offering to Repay Exxon Loan

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Sable Offshore (SOC) said Wednesday that it has priced a combined equity and debt offering to raise new capital and refinance existing borrowings tied to its energy assets.

The company said it has priced a public offering of 32.5 million shares at $3.08 each, alongside a $300 million issuance of 6.5% convertible senior notes due 2031. The deals are expected to be completed on Thursday, subject to standard conditions, it added.

The convertible notes carry a 6.5% coupon and can be converted into equity at an initial price of about $4 per share, representing a 30% premium to the equity offering price, it said.

Proceeds from both offerings will be used primarily to repay a senior secured term loan with Exxon Mobil (XOM), as well as for transaction costs and general corporate purposes, Sable said.

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