Sable Offshore to sell 45.454M shares at $5.50 per share in private placement

Sable Offshore (SOC) announced it has entered into subscription agreements to issue 45.454M shares of its common stock in a private placement to institutional investors at a purchase price of $5.50 per share. Sable expects to receive gross proceeds of approximately $250M, before deducting placement agent fees and other offering expenses. The private placement is expected to close on November 12 subject to the satisfaction of customary closing conditions. The company intends to use the proceeds from the private placement for general corporate purposes. Upon closing, this offering is expected to satisfy the common equity contribution condition of the senior secured term loan amendment announced by the company on November 3. Jefferies and TD Cowen are acting as joint placement agents for the private placement.