Sabre Corp. (SABR) priced an upsized offering by its wholly-owned subsidiary Sabre GLBL Inc. of $1.325 billion, previously offered at $975 million, in aggregate principal amount of 11.125% Senior Secured Notes due 2030.
The offering of the Secured Notes is expected to close on June 4, 2025.
The Secured Notes will pay interest semi-annually in arrears, at a rate of 11.125% per year, and will mature on July 15, 2030. The Secured Notes will be guaranteed by Sabre Holdings Corporation and each subsidiary that borrows under, or guarantees, Sabre GLBL's senior secured credit facilities.
Sabre expects to use a portion of the net proceeds from the sales of the Secured Notes to prepay Sabre GLBL's outstanding borrowings under an intercompany loan agreement with Sabre Financial Borrower, LLC , and remaining amounts will be used to prepay, redeem or repurchase other indebtedness in the open market, in privately negotiated transactions, through tender or exchange offers, or otherwise, including pursuant to the terms of the agreements governing such indebtedness.
In connection with the upsize of the offering, Sabre GLBL intends to launch tender offers for certain of its existing senior secured notes, subject to a maximum aggregate purchase amount of $336.38 million.
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