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Sabre Announces Exchange of Approximately $43.6 Million of Existing Senior Secured Notes due in 2025 for Additional 8.625% Senior Secured Notes due 2027
SOUTHLAKE, Texas, March 8, 2024 /PRNewswire/ -- Sabre Corporation (NASDAQ: SABR) ("Sabre") today announced that Sabre GLBL Inc. ("Sabre GLBL"), its wholly
About this update from Sabre Corporation
[{"type":"text","content":"SOUTHLAKE, Texas, March 8, 2024 /PRNewswire/ -- Sabre Corporation (NASDAQ: SABR) (\"Sabre\") today announced that Sabre GLBL Inc. (\"Sabre GLBL\"), its wholly owned subsidiary, exchanged (the \"Exchange\") on March 7, 2024 approximately $36.2 million in aggregate principal amount of its 7.375% Senior Secured Notes due 2025 and approximately $7.4 million in aggregate principal amount of its 9.250% Senior Secured Notes due 2025 (collectively, the \"Existing Secured Notes\") for (i) approximately $50.1 million in additional aggregate principal amount of Sabre GLBL's 8.625% Senior Secured Notes due 2027 (the \"2027 Notes\") and (ii) an aggregate of approximately $256,000 in cash, representing accrued and unpaid interest. The Exchange was based on privately negotiated exchange agreements (the \"Exchange Agreements\") that Sabre GLBL, together with certain of its subsidiaries, had entered into with a limited number of existing holders of Existing Secured Notes, who were qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the \"Securities Act\") and institutional accredited investors, or not \"U.S. persons\" as defined in Rule 902 under the Securities Act and were located outside the United States.\nThe 2027 Notes issued in the Exchange constitute an additional issuance by Sabre GLBL of the 2027 Notes, of which approximately $853 million was issued on September 7, 2023. The 2027 Notes issued in the Exchange form a single series with, and are fungible with, the existing 2027 Notes. Following completion of the Exchange, the aggregate outstanding principal amount of Sabre GLBL's 7.375% Senior Secured Notes due 2025 is approximately $26.8 million, the aggregate outstanding principal amount of Sabre GLBL's 9.250% Senior Secured Notes due 2025 is approximately $31.5 million, and the aggregate principal amount of the 2027 Notes outstanding is approximately $903.1 million. Neither Sabre nor Sabre GLBL received any cash proceeds from the issuance of the 2027 Notes pursuant to the Exchange.\nThe 2027 Notes will mature on June 1, 2027 and bear interest at a rate per annum equal to 8.625%. The 2027 Notes will first be redeemable, at Sabre GLBL's option, starting on March 1, 2025, at 104.313% of their outstanding principal amount, plus accrued interest, and under certain other circumstances.\nThe 2027 ...