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Sabre amends commitment letter with Centerbridge
Chicago, June 8 – Sabre GLBL Inc., a wholly owned subsidiary of Sabre Corp., modified the commitment letter from May 25 with lenders led by affiliates of Centerbridge Partners, LP on June 7, according to an 8-K filing with the Securities and Exchange Commission.
When the commitment letter was announced, it was for a new $665 million senior secured credit facility. The amendment upsizes the facility to $700 million. The $35 million additional term loan commitments will be available for 120 days as an incremental term loan in a single draw, subject to certain conditions.
Also modified, the reference rate will be based on the average of the highest yield to maturity of any tranche of Sabre GLBL’s outstanding reference debt on each of the 20 prior trading days plus a margin. The margins have been changed to 25 basis points for cash interest and 175 bps for payable-in-kind interest.
There is make-whole prepayment protection through the second anniversary. Between years two and three there will be a prepayment premium of 25%, lowered from half, of the applicable interest margin.
Proceeds from the extended term loan will be used to purchase Sabre’s senior secured notes in the open market in privately negotiated transactions.
Sabre is a Southlake, Tex.-based software and technology company for the travel industry.
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