08:47 AM EDT, 06/30/2026 (MT Newswires) -- Sable Offshore ( SOC ) plans to start separate public sales of $100 million in common stock and $300 million in convertible senior notes maturing in 2031, the company said Tuesday.

The company will grant underwriters a 30-day option to buy an additional $15 million in common stock and $45 million in notes to cover over-allotments, it said.

Sable plans to use the net proceeds, alongside funds from a new secured lending arrangement, to settle its current senior secured term loan with Exxon Mobil ( XOM ) and for general corporate purposes, it said.

Shares of Sable were down 38% in Tuesday premarket activity.