Sable Offshore (SOC) launched a proposed senior secured term loan of up to $1 billion to refinance its existing secured term loan with Exxon Mobil (XOM), the company said Tuesday.

Sable said proceeds from the new term loan and planned unsecured financing will be used to repay existing debt, cover transaction costs and meet performance bonding obligations.

The company said it also plans to pursue additional unsecured capital markets financing.