Sabre unit enters securitization facility for up to $200 million

By Wendy Van Sickle

Columbus, Ohio, Feb. 17 – Sabre Securitization, LLC, a special purpose entity that is an indirect subsidiary of Sabre Corp., entered into a three-year committed accounts receivable securitization facility of up to $200 million with PNC Bank, NA as administrative agent on Feb. 14, according to an 8-K filing with the Securities and Exchange Commission.

The facility will finance the borrower’s initial and ongoing acquisitions of receivables in part by obtaining secured loans from the lenders party to a receivables financing agreement, dated Feb. 14, among Sabre Securitization, Sabre GLBL, Inc. and Sabre Global Technologies Ltd. as the initial servicers.

The amount available for borrowings at any one time under the facility is limited to a borrowing base that is based on the outstanding balance of eligible receivables. Borrowings bear interest based on SOFR with a floor of 0 basis points, plus a drawn fee initially in the amount of 225 bps. The drawn fee varies based on leverage of the borrower.

Sabre is a Southlake, Tex.-based software and technology company for the travel industry.

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