Business
Sabre Corporation Announces Commitment of a $665 Million Private Financing and Cash Tender Offers by Sabre GLBL Inc. for Existing Secured Debt
Receives commitment from lenders led by affiliates of Centerbridge Partners, L.P. for a $665 million new senior secured credit facilityCommences tender offers
About this update from Sabre Corporation
[{"type":"text","content":"Receives commitment from lenders led by affiliates of Centerbridge Partners, L.P. for a $665 million new senior secured credit facilityCommences tender offers to purchase for cash certain outstanding secured debt with proceeds from the new facilitySOUTHLAKE, Texas, May 25, 2023 /PRNewswire/ -- Sabre Corporation (\"Sabre\") (Nasdaq: SABR) today announced its intended refinancing plan to proactively manage and extend the maturity profile of its debt. \nSabre GLBL Inc. (\"Sabre GLBL\"), a wholly-owned subsidiary of Sabre, has entered into a commitment letter with lenders (together, the \"Lenders\") led by affiliates of Centerbridge Partners, L.P. for a $665 million new senior secured credit facility (the \"New Facility\") to Sabre Financial Borrower, LLC (the \"Borrower\"), a newly created wholly-owned subsidiary of Sabre GLBL. The New Facility will be secured by an intercompany loan by the Borrower to Sabre GLBL, as further described below, and will receive direct guarantees from, and security interest in assets of, certain foreign subsidiaries of Sabre.\nThe Lenders have committed to provide the New Facility, subject to the Borrower using the proceeds therefrom for an intercompany loan to Sabre GLBL (together with the New Facility, the \"Financing Transaction\").\nConcurrently with the Financing Transaction, Sabre GLBL has commenced tender offers (the \"Tender Offers\") to purchase for cash, upon the terms and subject to the conditions described in the Offer to Purchase (as defined below), up to a principal amount of its securities set forth in the table below (collectively, the \"Securities\") that would not result in the Aggregate Purchase Price (as defined below) exceeding $615 million (subject to increase or decrease by Sabre GLBL in its sole discretion, the \"Aggregate Maximum Tender Amount\"). The following table sets forth certain terms of the Tender Offers:\nTitle of Security\nCUSIP/ISINNumber\nPrincipal Amount Outstanding\nAcceptancePriority Level\nEarlyTenderPremium(1)\nTenderOfferConsideration(1)\nTotalConsideration(1)(2)\n9.250% Senior SecuredNotes due 2025\n78573NAC6\nU86043AC7\nUS78573NAC65\nUSU86043AC72\n$775,000,000\n1\n$ 50.0\n$ 920.0\n$ 970.0\n7.375% Senior SecuredNotes due 2025\n78573NAF9U86043AD5\n \nUS78573NAF96\nUSU86043AD55\n$850,000,000\n2\n$ 50.0\n$ 870.0\n$ 920.0\n11.250% Senior SecuredNotes due 2027\n78...