Moody’s gives Sabre notes B3

Moody’s Investors Service said it gave a B3 rating to Sabre Holdings Corp.’s new senior secured notes. The company’s subsidiary Sabre GLBL Inc. will issue the notes.

The agency also affirmed its B3 ratings for Sabre and its secured debt.

Sabre plans to exchange, on a par-for-par basis, most if not all the 2025 senior secured notes including the 7 3/8% and 9¼% notes with outstanding amounts of $850 million and $105 million, respectively. “Moody's expects the terms and conditions of the newly issued obligations to be materially the same as for the existing instruments,” the agency said in a press release.

“The transaction will improve the debt maturity profile and increase the company's financial flexibility, will be essentially leverage-neutral, and will not materially increase interest expense or change the proportional mix or priority of claims in the capital structure,” Moody’s explained.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.