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Sabre Corporation Announces Settlement of the Exchange Offers for Certain Senior Secured Debt Securities Due 2025 and Issuance of New Notes Due 2027
SOUTHLAKE, Texas, Sept. 7, 2023 /PRNewswire/ -- Sabre Corporation ("Sabre") (NASDAQ: SABR) today announced the settlement of the previously announced exchange
About this update from Sabre Corporation
[{"type":"text","content":"SOUTHLAKE, Texas, Sept. 7, 2023 /PRNewswire/ -- Sabre Corporation (\"Sabre\") (NASDAQ: SABR) today announced the settlement of the previously announced exchange offers (each, an \"Exchange Offer\" and together, the \"Exchange Offers\") by Sabre GLBL Inc. (\"Sabre GLBL\"), a wholly-owned subsidiary of Sabre, for any and all of its outstanding 7.375% Senior Secured Notes due 2025 (the \"September 2025 Notes\") and 9.250% Senior Secured Notes due 2025 (the \"April 2025 Notes\" and, together with the September 2025 Notes, the \"Existing Notes\" and each of them a \"series\" of Existing Notes), and the issuance of Sabre GLBL's new 8.625% Senior Secured Notes due 2027 (the \"New Notes\" and together with the Existing Notes, the \"Securities\").\nThe Exchange Offers expired at 5:00 p.m., New York City time, on September 5, 2023 (the \"Expiration Date\"). Approximately $776 million and $66 million of September 2025 Notes and April 2025 Notes, respectively, were validly tendered and not validly withdrawn as of the early exchange date and withdrawal deadline, which expired at 5:00 p.m., New York City time, on August 18, 2023, and a further approximately $11 million and $0.1 million of September 2025 Notes and April 2025 Notes, respectively, were validly tendered as of the Expiration Date. In total, approximately $787 million and $66 million of September 2025 Notes and April 2025 Notes, respectively, were exchanged by Sabre GLBL on September 7, 2023 (the \"Settlement Date\").\nOn the Settlement Date, Sabre GLBL issued approximately $853 million in New Notes and paid approximately $115 million in cash to Eligible Holders (as defined below) whose Existing Notes were accepted for exchange in the Exchange Offers. Holders whose Existing Notes were accepted for exchange also received a cash payment representing interest that has accrued from the most recent interest payment date in respect of the relevant series of Existing Notes up to, but not including, the Settlement Date.\nThe transaction strengthens Sabre's balance sheet by refinancing more than 89% of its consolidated 2025 debt maturities (excluding its account receivables facility and outstanding senior exchangeable notes).\n\"We are extremely pleased that this transaction, along with the recently completed cash tender offer, have successfully reduced our 2025 maturities by over $1.5 bill...