Sable Offshore Corp. Announces Commencement of New Senior Secured Term Loan

Key Terms

senior secured term loan financial

A senior secured term loan is a type of borrowing where a company borrows money and promises to pay it back over a fixed period, with the loan secured by the company's assets as collateral. Because it is "senior," it has priority over other debts if the company faces financial trouble, and being "secured" means lenders have a claim on specific assets. For investors, this makes the loan a safer and more predictable investment compared to unsecured or subordinate debts.

unsecured capital markets solutions financial

Financing or instruments a company uses to raise money without pledging specific assets as collateral, such as unsecured bonds, commercial paper, or certain loans and equity-linked securities. Investors should care because unsecured instruments rely on the issuer’s overall creditworthiness rather than a pledged asset; like lending to someone based on their reputation instead of holding a valuable item as security, that raises risk and usually requires higher returns and closer attention to the issuer’s financial health.

administrative agent financial

An administrative agent is a bank or financial firm appointed to handle the day-to-day paperwork and communication for a group of lenders on a loan or credit agreement, acting as the central point for collecting payments, distributing funds, monitoring covenants, and sharing information. For investors, the administrative agent matters because it influences how quickly lenders receive updates, how smoothly repayments and waivers are handled, and how effectively the lending group enforces terms — think of it as a property manager coordinating tasks for multiple owners.

performance bonding obligations financial

A performance bonding obligation is a guarantee—often in the form of a surety bond or letter of credit—that promises a company will complete a contract or meet specified obligations; if it fails, the guarantor must pay or cover the shortfall. Investors care because these obligations create potential off‑balance commitments, can require cash or collateral, and signal that third parties are backing the company’s work—like a cosigner on a loan that protects the other party but also creates financial risk and cost for the company.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

HOUSTON--(BUSINESS WIRE)-- Sable Offshore Corp. (NYSE: SOC, “Sable”, or the “Company”) today announced it is launching a proposed senior secured term loan facility in an aggregate principal amount of up to $1.0 billion (the “New Senior Secured Term Loan”), which will replace the Company’s Senior Secured Term Loan with Exxon Mobil Corporation (the “Existing Senior Secured Term Loan”). The Company is expected to be the borrower under the New Senior Secured Term Loan.

Additionally, the Company expects to pursue incremental unsecured capital markets solutions. JPMorgan Chase Bank, N.A. is expected to be administrative agent under the New Senior Secured Term Loan. The Company currently intends to use the proceeds from the New Senior Secured Term Loan, together with the proceeds of the expected additional unsecured capital markets solutions, to fund the repayment of the Existing Senior Secured Term Loan, to pay transaction fees and expenses, and to satisfy contractual performance bonding obligations.

There can be no assurances that the Company will be successful in its marketing efforts or that it will be able to enter into the New Senior Secured Term Loan. Closing of the New Senior Secured Term Loan is subject to market conditions, as well as the negotiation and execution of definitive documents and the satisfaction of customary closing conditions.

About Sable

Sable Offshore Corp. is an independent oil and gas company, headquartered in Houston, Texas, focused on responsibly developing the Santa Ynez Unit in federal waters offshore California. The Sable team has extensive experience safely operating in California.

Forward-Looking Statements

The information in this press release include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “continue,” “plan,” “forecast,” “predict,” “potential,” “future,” “outlook,” and “target,” the negative of such terms and other similar expressions are intended to identify forward- looking statements, although not all forward-looking statements will contain such identifying words. These statements are based on the current beliefs and expectations of Sable’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Factors that could cause Sable’s actual results to differ materially from those described in the forward-looking statements include: the marketing, negotiation and consummation of the New Senior Secured Term Loan, the use of proceeds from the New Senior Secured Term Loan and any expectation regarding timing of the closing of the New Senior Secured Term Loan; availability of future financing, including additional unsecured capital markets solutions; our ability to consummate a refinancing of our Existing Senior Secured Term Loan and the timing and terms thereof; our financial performance; global economic conditions and inflation; increased operating costs; lack of availability of drilling and production equipment, supplies, services and qualified personnel; geographical concentration of operations; environmental and weather risks; regulatory changes and uncertainties; litigation, complaints and/or adverse publicity; privacy and data protection laws, privacy or data breaches, or loss of data; our ability to comply with laws and regulations applicable to our business; and other one-time events and other factors that can be found in Sable’s Annual Report on Form 10-K for the year ended December 31, 2025, which is filed with the Securities and Exchange Commission and is available on Sable’s website (www.sableoffshore.com) and on the Securities and Exchange Commission’s website (www.sec.gov). Except as required by applicable law, Sable undertakes no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260615682795/en/

Investor Contact:
Harrison Breaud
Vice President, Finance & Investor Relations
IR@sableoffshore.com
713-579-8111

Source: Sable Offshore Corp.