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- Jun 30, 202690% CONFIDENCEfrom the source
Sable Sells $460 Million of Stock and Convertible Notes to Repay Exxon
- On 30 June 2026 Sable Offshore launched and priced $100.0 million of common stock and $300.0 million of convertible senior notes due 2031, signing underwriting agreements with J.P. Morgan that day[1]
- The stock sold at $3.08 a share (32,467,533 shares) and the notes carry 6.5% interest with a conversion price of about $4.00, 30% above the share price; both over-allotment options were exercised, taking the raise to $345.0 million of notes and 37,337,662 shares[1][4]
- The shares collapsed on the news; Yahoo Finance's same-day report was headlined 'Why Did SOC Stock Plunge 50% Today?', and a 4 July recap had it down 42.3%[3][5]
- On 2 July Sable also closed a $675 million Term Loan B at 15% a year, due 15 December 2028, and a JPMorgan-led revolver of up to $500 million, and repaid in full the Exxon loan that financed its 2024 purchase of the Santa Ynez Unit[1][2]
- The Exxon loan stood at about $991 million including paid-in-kind interest at 30 June; with it gone, Sable said the going-concern doubt of its first-quarter report no longer applied[2]
- The road there: on 22 June Exxon extended the old loan to 24 July for a $30.0 million fee and waived Sable's plug-and-abandonment security until as late as 22 December 2028, letting Sable shrink its planned new term loan to up to $775.0 million[6]
References 684% CONFIDENCEOverall confidence: 84%How well the pin's source and references back up its dates.Weighted average of how firmly 6 references, the source included, support the pin's start and end times; a reference counts half as much for every 180 days older than the newestShow all pins at 75% confidence or better
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- [1]90%sec.gov/Archives/edgar/data/1831481/000183148126000092/socc-20260630.htmsec.gov· Posted Sep 28, 2026· Starts Jun 30, 2026 ✓· 22% of score
Sable's 8-K: 'On June 30, 2026, the Company entered into an underwriting agreement' for the notes and another for 32,467,533 common shares; its launch release is dated 'Houston, June 30, 2026'.
- [2]88%Sable Offshore Corp. Form 10-Q for the quarter ended June 30, 2026sec.gov· Published Aug 10, 2026· 18% of score
The 10-Q records the Exxon Senior Secured Term Loan as repaid in full on 2 July 2026 in the '2026 Refinancing Transactions' ($675.0 million Term Loan B due 15 December 2028 and $345.0 million of convertible notes among them), and says the earlier going-concern doubt no longer exists.[1]
- [3]70%Sable Offshore (SOC) Is Down 42.3% After Convertible Notes And Equity Sale To Rework Exxon Loan | Yahoo Financefinance.yahoo.com· Published Jul 4, 2026· 15% of score
Simply Wall St's 4 July recap headlines the stock as down 42.3% after the $300 million of 6.5% convertible notes and the $100 million stock sale at $3.08, both aimed at refinancing the Exxon loan.[1]
- [4]90%Sable Offshore Corp. Prices Offerings of Common Stock and Convertible Senior Notes (Exhibit 99.2)sec.gov· Published Jul 1, 2026· 15% of score
Pricing release: 32,467,533 shares at $3.08 and $300.0 million of 6.5% convertible senior notes due 1 July 2031, initial conversion price about $4.00 (a 30% premium), settling 2 July; J.P. Morgan sole book-runner; proceeds with the new term loan to repay the Exxon loan.[1]
- [5]72%Why Did SOC Stock Plunge 50% Today? | Yahoo Financefinance.yahoo.com· Published Jun 30, 2026· 15% of score
Same-day market story on the 30 June collapse after Sable announced $100 million of stock (plus $15 million of over-allotment) and $300 million of convertible notes (plus $45 million) to repay its Exxon Mobil loan.[1]
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