Sable Offshore Corp. has amended its senior secured term loan with Exxon Mobil Corporation to extend the maturity date and has obtained a limited waiver of certain financial security obligations under its purchase and sale agreement. The amendment pushes the maturity date to the earlier of July 24, 2026, or any event of default, and requires Sable to pay Exxon a $30 million amendment fee. The limited waiver temporarily suspends the requirement to provide P&A financial security until the earlier of December 22, 2028, the refinancing of the term loan, or an event of default. As a result, Sable plans to reduce the size of its previously announced new senior secured term loan to up to $775 million and will continue pursuing additional unsecured capital markets solutions. JPMorgan Chase Bank is expected to serve as administrative agent for the new facility, with proceeds intended to repay the existing term loan and cover transaction costs.
Sable Offshore Corp.Sable extended its term loan maturity and secured a limited waiver on P&A financial security, improving its financial flexibility.
Exxon Mobil CorpExxon is the lender that amended the term loan and received a $30 million fee, but the net impact is unclear.
JPMorgan Chase & Co