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Sabre Announces Exchange of $150 Million of Existing 4.000% Exchangeable Senior Notes due 2025 for Exchangeable Senior Notes due 2026
SOUTHLAKE, Texas, March 4, 2024 /PRNewswire/ -- Sabre Corporation ("Sabre") today announced that, together with its wholly-owned subsidiaries, Sabre Holdings
About this update from Sabre Corporation
[{"type":"text","content":"SOUTHLAKE, Texas, March 4, 2024 /PRNewswire/ -- Sabre Corporation (\"Sabre\") today announced that, together with its wholly-owned subsidiaries, Sabre Holdings Corporation and Sabre GLBL Inc. (\"Sabre GLBL\"), it has entered into privately negotiated exchange agreements (the \"Exchange Agreements\") with a limited number of existing holders, who are qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the \"Securities Act\"), and institutional accredited investors, of Sabre GLBL's outstanding 4.000% exchangeable senior notes due 2025 (the \"Existing Exchangeable Notes\"). Pursuant to the Exchange Agreements, Sabre GLBL will exchange (the \"Exchange\") $150.0 million in aggregate principal amount of the Existing Exchangeable Notes for (i) $150.0 million in aggregate principal amount of new exchangeable senior notes due 2026 (the \"New Exchangeable Notes\") and (ii) an aggregate of approximately $32.6 million in cash, with such cash payment representing the premium paid for the Existing Exchangeable Notes in excess of par value and accrued and unpaid interest on the Existing Exchangeable Notes. The Exchange is expected to settle on or about March 19, 2024, subject to customary closing conditions.\nUpon completion of the Exchange, the aggregate principal amount of the Existing Exchangeable Notes outstanding will be $183.0 million, and the aggregate principal amount of the New Exchangeable Notes outstanding will be $150.0 million. Sabre and Sabre GLBL will not receive any cash proceeds from the issuance of the New Exchangeable Notes pursuant to the Exchange.\nThe New Exchangeable Notes will be senior, unsecured obligations of Sabre GLBL, which will be fully and unconditionally guaranteed by Sabre and Sabre Holdings Corporation, the sole direct subsidiary of Sabre and direct parent of Sabre GLBL. The New Exchangeable Notes will accrue interest payable semi-annually in arrears on February 1 and August 1 of each year, beginning on August 1, 2024. The interest rate for the New Exchangeable Notes will be determined based on the volume-weighted average price of Sabre's common stock, $0.01 par value per share (the \"Common Stock\"), over a measurement period following execution of the Exchange Agreements, but in no event will be less than 4.00% or greater than 7.50%. The New Exchangeable Notes ...