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Sabre unit gives early results of exchange offers for notes due 2025
By Mary-Katherine Stinson
Lexington, Ky., Aug. 21 – Sabre Corp. announced the early participation results of wholly owned subsidiary Sabre GLBL Inc.’s offer to exchange two series of notes for cash and new Sabre GLBL-issued 8 5/8% senior secured notes due June 1, 2027.
As previously reported, the notes include the $850 million principal amount outstanding of 7 3/8% senior secured notes due 2025 (Cusips: 78573NAF9, U86043AD5) and the $104,901,000 principal amount outstanding of 9¼% senior secured notes due 2025 (Cusips: 78573NAC6, U86043AC7).
As of 5 p.m. ET on Aug. 18, $776,134,000, or 91.31%, of the 7 3/8% notes and $65,951,000, or 62.87%, of the 9¼% notes were tendered in the offer.
As previously reported, for each series, the company is offering a total consideration of $1,000 principal amount of new notes plus $135 in cash to holders who tender their notes for exchange by the early deadline of 5 p.m. ET on Aug. 18. The total consideration includes an early tender premium of $50 in cash that will not be paid to holders who tender after the early deadline.
At settlement, Sabre expects to pay consideration in total amounts of $113.7 million cash and $842.1 million in new notes.
The offers will expire at 5 p.m. ET on Sept. 5.
The withdrawal deadline was 5 p.m. ET on Aug. 18.
Settlement is expected to occur on Sept. 7.
The offers are subject to conditions including the issuance of at least $250 million of new notes.
The new notes will first be redeemable at the issuer’s option on March 1, 2025 at 104.313.
The offer is being made only to holders who are qualified institutional buyers under Rule 144A or non-U.S. persons under Regulation S.
D.F. King & Co., Inc. is the tender and information agent (212 269-5550, 866 227-7300, sabre@dfking.com).
Sabre is a Southlake, Tex.-based software and technology company for the travel industry.
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