# Sable Offshore Corp. (SOC) — capital_raise/atm_program [announced]
Source: SEC API (secapi.ai) · situation sit_f7b9bf6ff78d60e333d2 · retrieved 2026-08-14T01:25:45.263Z

## Overview
Sable Offshore Corp. is an independent oil and gas company focused on developing the Santa Ynez Unit in federal waters offshore California, operating three offshore platforms and the Santa Ynez Pipeline System.

On July 2, 2026, Sable Offshore Corp. completed a refinancing transaction to repay its former EM Senior Secured Term Loan and extend maturity to December 15, 2028. The company issued a $675.0 million Senior Secured Term Loan B with a 15.0% coupon, quarterly mandatory amortization of 2.5% in 2H 2026 and 5.0% thereafter, and 100% excess cash flow sweep. Concurrently, Sable issued $345.0 million of 6.5% Convertible Senior Notes due July 1, 2031, with a $4.00/share conversion price. The company also issued approximately 37.3 million shares of common stock at $3.08/share, raising $115.0 million in equity. Total sources of $1,135 million were used to repay the prior $995 million term loan, pay $47 million in fees and OID, and add $93 million to the cash balance.

## Terms
- Consideration: mixed · Price/share: $3.08

## Key dates
- Announced 2026-08-10

## Timeline
- 2026-08-10 · 8-K (0001831481-26-000105): 8-K - Sable Offshore Corp. — *Sable Offshore Corp. is an independent oil and gas company focused on developing the Santa Ynez Unit in federal waters offshore California, operating three offshore platforms and the Santa Ynez Pipeline System.* On July 2, 2026, Sable Offshore Corp. completed a refinancing transaction to repay its former EM Senior Secured Term Loan and extend maturity to December 15, 2028. The company issued a $675.0 million Senior Secured Term Loan B with a 15.0% coupon, quarterly mandatory amortization of 2.5% in 2H 2026 and 5.0% thereafter, and 100% excess cash flow sweep. Concurrently, Sable issued $345.0 million of 6.5% Convertible Senior Notes due July 1, 2031, with a $4.00/share conversion price. The company also issued approximately 37.3 million shares of common stock at $3.08/share, raising $115.0 million in equity. Total sources of $1,135 million were used to repay the prior $995 million term loan, pay $47 million in fees and OID, and add $93 million to the cash balance.
  https://www.sec.gov/Archives/edgar/data/1831481/0001831481-26-000105.txt

## Citations
- 0001831481-26-000105 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000183148126000105