Sabre Corporation (NASDAQ: SABR) has priced a $1.35 billion offering of 9.875% Senior Secured Notes due 2032, issued through its wholly owned indirect subsidiary Sabre Financial Borrower, LLC. The offering was upsized from an initial $1.1 billion.

The notes will pay interest semi-annually at 9.875% per year and mature on October 15, 2032. The offering is expected to close on September 28, 2026, subject to customary closing conditions.

The notes will be guaranteed on a secured basis by Sabre Financing Holdings LLC and certain existing and future foreign subsidiaries, with the foreign guarantors' guarantees capped at $400 million. The notes and related guarantees will be secured by a first-priority security interest in substantially all present and future property and assets of Sabre Financial Borrower and Sabre Financing Holdings.

Proceeds from the offering will fund a new intercompany loan to Sabre GLBL Inc. Sabre GLBL intends to use a portion of those proceeds to prepay an existing intercompany loan at 100% of the outstanding principal amount, plus a make-whole premium and accrued interest. Remaining proceeds are intended to retire certain existing debt, including through a concurrent tender offer for Sabre Financial's existing 11.125% senior secured notes due 2029.

In connection with the upsized offering, Sabre GLBL intends to launch tender offers for certain of its existing senior secured notes, subject to a maximum aggregate purchase price of $250 million, excluding accrued and unpaid interest.

The notes were offered in a private placement to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S of the Securities Act of 1933. The notes have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption.