Sabre announces $1.1B senior secured notes offering

Sabre Corporation (NASDAQ: SABR) announced that its wholly owned indirect subsidiary, Sabre Financial Borrower, LLC, is offering $1.1 billion in aggregate principal amount of senior secured notes.

According to a press release, the notes will be fully and unconditionally guaranteed on a secured basis by Sabre Financing Holdings LLC, the direct parent of Sabre Financial Borrower, and by certain existing and future foreign subsidiaries, whose guarantees will be limited to $400 million.

Sabre Financial Borrower plans to use the gross proceeds to fund a new intercompany loan to Sabre GLBL, Inc. Sabre GLBL intends to use those proceeds to prepay an existing intercompany loan at 100% of the outstanding principal amount, plus a customary make-whole premium and accrued interest. Sabre Financial Borrower then intends to use the repayment proceeds to retire certain existing debt, including through a concurrent tender offer and consent solicitation targeting its existing 11.125% senior secured notes due 2029.

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

Sabre noted that the timing, size, and terms of the offering remain subject to market conditions, and no assurance was given that the offering would be completed on the proposed terms or at all.

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