Sabre talks $250 million five-year exchangeable notes to yield 4.5%-5%, up 22.5%-27.5%

By Abigail W. Adams

Portland, Me., April 13 – Sabre Corp. plans to price $250 million of five-year exchangeable notes after the market close on Monday with price talk for a coupon of 4.5% to 5% and an initial exchange premium of 22.5% to 27.5%, according to a market source.

The notes will be issued by subsidiary Sabre GLBL Inc. and exchangeable for Sabre Corp. common stock.

Goldman Sachs & Co. LLC, BofA Securities Inc. and Morgan Stanley & Co. LLC are joint bookrunners for the Rule 144A offering, which carries a greenshoe of $37.5 million.

The notes are non-callable. They are putable upon a fundamental change.

There is dividend protection.

The notes will be settled in cash, shares or a combination of both at the company’s option.

Concurrently with the convertible notes offering, Sabre plans to price $500 million of senior secured notes due 2025.

Proceeds will be used for general corporate purposes.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.