New Issue: Sabre sells $400 million seven-year secured notes at par to yield 8½%

By Paul A. Harris

Portland, Ore., May 2 - Sabre Inc. priced a $400 million issue of seven-year senior secured notes (B1/B/) at par to yield 8½% on Wednesday, according to a market source.

The yield printed at the tight end of the 8½% to 8¾% yield talk.

Goldman Sachs & Co., Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Barclays Capital Inc., Natixis Securities Americas LLC and Mizuho Securities USA Inc. were the joint bookrunners.

The Southlake, Texas-based travel technology company plans to use the proceeds to repay portions of its outstanding loans due 2014 as part of a proposed amendment and extension of its credit facility and for general corporate purposes.

Issuer:	Sabre Holdings (Sabre Inc.)
Amount:	$400 million
Maturity:	May 15, 2019
Securities:	Senior secured notes
Bookrunners:	Goldman Sachs & Co., Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Barclays Capital Inc., Natixis Securities Americas LLC, Mizuho Securities USA Inc.
Coupon:	8½%
Price:	Par
Yield:	8½%
Spread:	718 bps
Call features:	Make-whole call at Treasuries plus 50 bps until May 15, 2015, then callable at 106.375, 104.25, 102.125, par on and after May 15, 2018
Trade date:	May 2
Settlement date:	May 9
Ratings:	Moody's: B1
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S
Price talk:	8½% to 8¾%
Marketing:	Roadshow

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