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Sabre exchanges $43.6 million of 2025 notes for add-on 2027 notes
By Marisa Wong
Los Angeles, March 8 – Sabre Corp. announced that wholly owned subsidiary Sabre GLBL Inc. exchanged on March 7 about $36.2 million principal amount of its 7 3/8% senior secured notes due 2025 and about $7.4 million principal amount of its 9¼% senior secured notes due 2025 for about $50.1 million additional aggregate principal amount of its 8 5/8% senior secured notes due 2027 and roughly $256,000 in cash, representing accrued interest.
The 2027 notes issued in the exchange constitute an additional issuance by Sabre GLBL of its 2027 notes, of which $853 million was issued on Sept. 7, 2023. The 2027 notes issued in the exchange form a single series with, and are fungible with, the existing 2027 notes.
After completion of the exchange, the aggregate outstanding principal amount of the 7 3/8% notes due 2025 is about $26.8 million, the aggregate outstanding principal amount of the 9¼% notes due 2025 is about $31.5 million, and the aggregate principal amount of the 8 5/8% notes is about $903.1 million.
Neither Sabre nor Sabre GLBL received any cash proceeds from the issuance of the 2027 notes under the exchange.
The 8 5/8% notes due June 1, 2027 will first be redeemable, at Sabre GLBL’s option, starting on March 1, 2025, at 104.313 plus accrued interest, and under some other circumstances.
The exchange was based on privately negotiated exchange agreements that Sabre GLBL, together with some of its subsidiaries, had entered into with a limited number of holders of the existing secured notes due 2025 who were qualified institutional buyers under Rule 144A and institutional accredited investors, or not U.S. persons as defined in Rule 902 and located outside the United States.
Perella Weinberg Partners LP acted as financial adviser and Davis Polk & Wardwell LLP as legal counsel to Sabre on this transaction. Latham & Watkins LLP was legal counsel to Perella Weinberg Partners LP.
Sabre is a Southlake, Tex.-based software and technology company for the travel industry.
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