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S&P rates Sabre loan B
S&P said it rated Sabre Corp.’s planned $500 million senior secured term loan a B with a 3 recovery rating. Subsidiary Sabre GLBL, Inc. will issue the loan.
The incremental term loan will help extend debt maturities to 2028 and pay down an equivalent amount of its $1.8 billion of term loan debt due 2024. “Furthermore, we expect the company will look to opportunistically convert its $330 million convertible debt to equity, which could further reduce debt although our leverage metrics do not incorporate conversion of any of its convertible notes to equity,” S&P said in a press release.
The agency also affirmed Sabre’s B issuer rating.
The outlook is negative.
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