Simpson Thacher represented the underwriters, led by J.P. Morgan Securities LLC, Jefferies LLC and TD Securities (USA) LLC, in connection with the offering of 10,000,000 shares of common stock by Sable Offshore Corp., with gross proceeds of $295.0 million. The offering was upsized from $200.0 million and represents the full exercise of the underwriters’ option to purchase additional shares. Sable intends to use the net proceeds from the offering for capital expenditures, working capital purposes and general corporate purposes.
Sable Offshore Corp. is an independent oil and gas company, headquartered in Houston, Texas, focused on responsibly developing the Santa Ynez Unit in federal waters offshore California.
The Simpson Thacher team included Brian Rosenzweig, Richie Ragusa, Ryan Poché and Ethan McGinty (Capital Markets); Michael Mann (Tax); Jeanne Annarumma (Executive Compensation and Employee Benefits); Corina Holland (Intellectual Property); and Jennie Getsin (FINRA).