Loan & DebtJun 22, 2026, 08:12 AM
Sable Offshore Extends Loan Maturity, Waives Security, Pays $30M Fee
AI Summary
Sable Offshore Corp. announced an amendment to its Senior Secured Term Loan Agreement with Exxon Mobil Corporation, extending the maturity date to July 24, 2026. The agreement also includes a limited waiver of the company's P&A Financial Security obligations until December 22, 2028. In exchange, Sable Offshore will pay Exxon a $30.0 million amendment fee, and Exxon will suspend a $25.0 million minimum liquidity covenant. This waiver allows the company to reduce the proposed size of its new secured financing to up to $775.0 million.
Key Highlights
- Senior Secured Term Loan Maturity Date extended to July 24, 2026.
- Limited waiver of P&A Financial Security obligations granted until December 22, 2028.
- Sable Offshore Corp. to pay Exxon Mobil Corporation a $30.0 million amendment fee.
- Exxon Mobil Corporation waives the $25.0 million minimum liquidity covenant.
- Company intends to reduce the proposed New Senior Secured Term Loan size to up to $775.0 million.
Price Impact
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