SOUTHLAKE, Texas, Aug. 15,
2022 /PRNewswire/ -- Sabre Corporation ("Sabre")
(Nasdaq: SABR) today announced a refinancing of a portion of its
existing indebtedness. Sabre incurred no additional
indebtedness as a result of the refinancing above the refinanced
amount, other than amounts covering the original issue discount
(OID), certain interest, fees and expenses. The refinancing has
meaningfully improved Sabre's debt maturity profile.
The refinancing included the application of the proceeds of a
new $675 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"), with the effect
of extending the maturity of approximately $647 million of the existing Term Loan B credit
facility incurred prior to August 15,
2022 under the Credit Agreement. The New Facility
matures on June 30, 2028 and offers
Sabre the ability to prepay or repay the New Facility after 12
months or to prepay or repay at a 101 premium before that
date. The interest rates on the New Facility will be based on
Term SOFR, replacing LIBOR, plus an applicable margin.
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. acted as lead left bookrunner, Goldman
Sachs Lending Partners LLC, Morgan Stanley Senior Funding, Inc. and
PNC Capital Markets LLC acted as joint bookrunners and BofA
Securities Inc. acted as sole lead arranger. Bank of America,
N.A. is the administrative agent and the collateral agent for the
Credit Agreement.
About Sabre Corporation
Sabre Corporation is a leading software and technology company
that powers the global travel industry, serving a wide range of
travel companies including airlines, hoteliers, travel agencies and
other suppliers. The company provides retailing, distribution and
fulfillment solutions that help its customers operate more
efficiently, drive revenue and offer personalized traveler
experiences. Through its leading travel marketplace, Sabre connects
travel suppliers with buyers from around the globe. Sabre's
technology platform manages more than $260B worth of global travel spend annually.
Headquartered in Southlake, Texas,
USA, Sabre serves customers in more than 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 Quarterly Report on Form 10-Q filed
with the SEC on August 2, 2022, our
Annual Report on Form 10-K filed with the SEC on February 18, 2022 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