Sabre Corp. priced an upsized $1.35 billion offering of senior secured notes due 2032 at a coupon of 9.875%, paying interest semi-annually. The deal was increased from an initial size of $1.1 billion.
The notes are expected to close on September 28, 2026, subject to customary conditions. They were offered in a private placement to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S.
Issued through subsidiary Sabre Financial Borrower LLC, the notes are guaranteed by Sabre Financing Holdings LLC and certain foreign subsidiaries, with foreign-entity guarantees capped at an aggregate of $400 million. The securities are secured by a first-priority lien on substantially all present and future assets of Sabre Financial and Sabre Financing.
Proceeds from the offering will flow to Sabre GLBL Inc. via an intercompany loan. A portion of the funds will repay an existing intercompany loan at 100% of the outstanding principal, plus any make-whole premium and accrued interest. Remaining proceeds will be used to prepay, redeem or repurchase existing indebtedness, including a concurrent tender offer for Sabre Financial's existing 11.125% senior secured notes due 2029, through open-market transactions, privately negotiated deals or tender offers.
Sabre GLBL said it intends to launch separate tender offers for certain other outstanding senior secured notes, with a maximum aggregate purchase price of $250 million, excluding accrued interest.
