Sable Offshore Corp. (SOC) stock declined 10.95 percent, or $1.16, to $9.44 on Tuesday, after the company announced plans to launch a new senior secured term loan facility of up to $1.0 billion.
The stock is currently trading at $9.44, down from its previous close of $10.60 on the New York Stock Exchange. Shares opened at $10.00 and traded between $9.24 and $10.15 during the session. Trading volume reached 1.67 million shares, compared with an average daily volume of 4.05 million shares.
The proposed financing is intended to replace the company's existing senior secured term loan with Exxon Mobil Corporation and support repayment of current debt, transaction costs, and contractual performance bonding obligations. The company also indicated it expects to pursue additional unsecured capital markets financing.
SOC shares have traded between $3.72 and $32.18 over the past 52 weeks.
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