Sabre Corporation Announces Offerings of Mandatory Convertible Preferred Stock and Common Stock

About this update from Sabre Corporation

[{"type":"text","content":"SOUTHLAKE, Texas, Aug. 18, 2020 /PRNewswire/ -- Sabre Corporation (\"Sabre\") (Nasdaq: SABR) today announced registered public offerings (the \"Offerings\") of (1) $250,000,000 of mandatory convertible preferred stock (or $287,500,000 if the underwriters fully exercise their overallotment option to purchase additional shares) and (2) $250,000,000 of common stock (or $287,500,000 if the underwriters fully exercise their option to purchase additional shares). The precise timing, size and terms of the offerings are subject to market conditions and other factors. The net proceeds from the Offerings will be used for general corporate purposes. The completion of each Offering is not contingent on the consummation of the other Offering.\nEach share of preferred stock is expected to have a liquidation preference of $100.00 per share. Unless earlier converted, each share of preferred stock will automatically convert into a variable number of shares of Sabre's common stock on the mandatory conversion date, which is expected to be September 1, 2023. The dividend rate and the conversion terms of the preferred stock will be determined by negotiations between Sabre and the underwriters.\nMorgan Stanley and BofA Securities are acting as lead bookrunners for the Offerings; Goldman Sachs & Co. LLC, Mizuho Securities, Wells Fargo Securities, Deutsche Bank Securities and Citigroup are acting as bookrunners. PNC Capital Markets LLC, MUFG, TPG Capital BD, LLC and ING are acting as co-managers for the Offerings. A shelf registration statement and a post-effective amendment thereto relating to these securities has been filed with the U.S. Securities and Exchange Commission (\"SEC\") and has become effective. Each of the Offerings may be made only by means of a prospectus supplement and an accompanying base prospectus. A base prospectus was filed with the registration statement and a preliminary prospectus supplement relating to each of the Offerings will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Copies of the preliminary prospectus supplement and accompanying base prospectus relating to the offerings may be obtained from Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Department and BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC ...

More updates from Sabre Corporation