SOUTHLAKE, Texas, Dec. 17, 2020 /PRNewswire/ -- Sabre
Corporation ("Sabre") (Nasdaq: SABR) today announced a refinancing
of a portion of its existing indebtedness, including the repayment
in full of its Term Loan A credit facility and the satisfaction and
discharge of Sabre GLBL Inc.'s 5.250% Senior Secured Notes due
November 2023 (the "November 2023 Notes"). Sabre incurred no
additional indebtedness as a result of the refinancing above the
refinanced amount, other than amounts covering certain interest,
fees and expenses. The refinancing has meaningfully improved
Sabre's debt maturity profile and preserves its flexibility.
The refinancing included the application of the proceeds of a
new $637 million term loan "B"
facility (the "New Facility"), borrowed by its wholly-owned
subsidiary Sabre GLBL Inc. ("Sabre GLBL") under its existing senior
secured credit agreement (the "Credit Agreement"), to pay down in
full approximately $134 million of
the existing Term Loan A credit facility incurred prior to
December 17, 2020 under the Credit
Agreement and to redeem all $500
million of Sabre GLBL's outstanding November 2023 Notes. The New Facility
matures on December 17, 2027 and
offers Sabre the ability to prepay the New Facility after 12 months
or to prepay at a 101 premium before that date.
The New Facility is guaranteed by Sabre Holdings
Corporation and each subsidiary of Sabre GLBL that guarantees the
Credit Agreement. The New Facility and the
guarantees thereof are secured, subject to permitted
liens, by a first-priority security interest in the same
collateral that secures Sabre GLBL's other senior secured
indebtedness, which is substantially all present and
hereafter acquired property and assets of Sabre GLBL and the
guarantors (other than certain excluded assets).
BofA Securities, Inc., Mizuho
Bank, Ltd., Wells Fargo Securities, LLC, Deutsche Bank
Securities Inc., Citibank N.A., PNC Bank, National Association,
Goldman Sachs Bank USA, Morgan
Stanley Senior Funding, Inc., MUFG Bank Ltd., JPMorgan Chase Bank,
N.A and ING Bank, N.A. acted as joint bookrunners and BofA
Securities, Inc. acted as sole lead arranger. Bank of America
is the administrative agent and the collateral agent for the Credit
Agreement.
About Sabre Corporation
Sabre Corporation is the leading technology provider to the
global travel industry. Sabre's software, data, mobile and
distribution solutions are used by hundreds of airlines and
thousands of hotel properties to manage critical operations,
including passenger and guest reservations, revenue management,
flight, network and crew management. Sabre also operates a leading
global travel marketplace, which processes more than $120
billion of estimated travel spend annually by connecting
travel buyers and suppliers. Headquartered in Southlake,
Texas, USA, Sabre operates offices
in approximately 160 countries around the world.
Forward-Looking Statements
Certain statements herein are forward-looking statements about
trends, future events, uncertainties and our plans and expectations
of what may happen in the future. Any statements that are not
historical or current facts are forward-looking statements. In many
cases, you can identify forward-looking statements by terms such as
"believe," "could," "likely," "expect," "plan," "commit,"
"guidance," "outlook," "anticipate," "will," "incremental,"
"preliminary," "forecast," "continue," "strategy," "confidence,"
"momentum," "estimate," "objective," "project," "may," "should,"
"would," "intend," "potential" or the negative of these terms or
other comparable terminology. Forward-looking statements involve
known and unknown risks, uncertainties and other factors that may
cause Sabre's actual results, performance or achievements to be
materially different from any future results, performances or
achievements expressed or implied by the forward-looking
statements. More information about potential risks and
uncertainties that could affect our business and results of
operations is included in the "Risk Factors" and "Forward-Looking
Statements" sections in our Annual Report on Form 10-K filed with
the SEC on February 26, 2020, our
Quarterly Report on Form 10-Q filed with the SEC on November 6, 2020 and in our other filings with
the SEC. Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee
future events, outlook, guidance, results, actions, levels of
activity, performance or achievements. Readers are cautioned not to
place undue reliance on these forward-looking statements. Unless
required by law, Sabre undertakes no obligation to publicly update
or revise any forward-looking statements to reflect circumstances
or events after the date they are made.
SABR-F
Contacts:
Media
Kristin Hays
kristin.hays@sabre.com
sabrenews@sabre.com
Investors
Kevin Crissey
kevin.crissey@sabre.com
sabre.investorrelations@sabre.com
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SOURCE Sabre Corporation