Sable Sells $460 Million of Stock and Convertible Notes to Repay Exxon
CONFIRMEDDate confidence: CONFIRMEDStated as firmHow firmly the source words the date: confirmed, scheduled, estimated, delayed or unverified.Show all CONFIRMED pins84% 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 betterSable'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'.[1]
Sable launched and priced a stock sale at $3.08 a share and 6.5% convertible notes due 2031, which with a $675 million, 15% term loan paid off roughly $991 million it owed ExxonMobil for the Santa Ynez Unit. The shares lost about half their value on the day.
$460M
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