Sabre trims pricing on $637 million term loan B to Libor plus 400 bps

By Sara Rosenberg

New York, Dec. 10 – Sabre GLBL Inc. trimmed pricing on its non-fungible $637 million seven-year senior secured incremental term loan B (Ba3/B) to Libor plus 400 basis points from talk in the range of Libor plus 450 bps to 475 bps, according to a market source.

In addition, the original issue discount on the term loan was tightened to 99 from 98.5, the source said.

As before, the term loan has a 0.75% Libor floor.

Security is a first-priority interest in 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., Citigroup Global Markets Inc., PNC Bank, Goldman Sachs Bank USA, Morgan Stanley Senior Funding, Inc., MUFG, J.P. Morgan Securities LLC and ING Bank are the joint bookrunners on the deal. BofA Securities is the sole lead arranger and the administrative agent.

Of the total proceeds, $500 million will be used to redeem all of Sabre GLBL’s November 2023 secured notes, and $137 million will be used to repay all outstanding term loan A borrowings and a portion of the fees and expenses in connection with the prepayment.

Sabre is a Southlake, Tex.-based software and technology company for the travel industry.

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