Sable Offshore shares tumble after company raises cash with convertible notes and a follow-on equity sale tied to an Exxon loan
Sable Offshore Corp. completed a US$300 million offering of 6.5% convertible notes due 2031 and a US$100 million-plus follow-on common stock sale priced at US$3.08 per share, moves reported to be aimed at reworking an Exxon Mobil loan. The stock fell sharply after the transactions were announced and priced.