Sable Offshore launched a proposed senior secured term loan facility in an aggregate principal amount of up to $1 billion, which will replace the company’s senior secured term loan with Exxon Mobil. 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 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.
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.
