Published on 11/4/2015 in the Prospect News High Yield Daily.
New Issue: Sabre GLBL prices $500 million eight-year notes at par to yield 5¼%
By Paul A. Harris
Portland, Ore., Nov. 4 – Sabre GLBL Inc. priced a $500 million issue of eight-year senior secured notes (Ba3/B+) at par to yield 5¼% on Tuesday, according to a syndicate source.
The yield printed at the tight end of the 5¼% to 5½% yield talk.
Goldman Sachs & Co. was the left bookrunner for the Rule 144A for life and Regulation S offering. Morgan Stanley & Co. LLC, BofA Merrill Lynch, Deutsche Bank Securities Inc., Natixis and Mizuho Securities were the joint bookrunners.
The Southlake, Texas-based travel services provider plans to use the proceeds to redeem $235 million of its 2016 notes, with excess proceeds to be used for general corporate purposes, including potential acquisitions and certain potential repurchases of common stock.
| Issuer: | Sabre GLBL Inc.
|
| Amount: | $500 million
|
| Maturity: | Nov. 15, 2023
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Goldman Sachs & Co.
|
| Joint bookrunners: | Morgan Stanley & Co. LLC, BofA Merrill Lynch, Deutsche Bank Securities Inc., Natixis, Mizuho Securities
|
| Co-manager: | TBG Capital
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| Spread: | 316 bps
|
| Call: | Make-whole call until Nov. 15, 2018, then callable at 103.938
|
| Trade date: | Nov. 4
|
| Settlement date: | Nov. 9
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A for life and Regulation S
|
| Price talk: | 5¼% to 5½%
|
| Marketing: | Quick to market
|
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