#USA #Sabre Corporation #Sabre GLBL #Southlake #Senior Secured Debt

Sabre Corporation Announces Results of Debt Exchange Offers

On December 5, 2025, Sabre Corporation, trading on Nasdaq under the ticker symbol SABR, unveiled the initial outcomes of its previously announced exchange offers. These offers were made through its wholly-owned subsidiary, Sabre GLBL Inc., and involved the exchange of outstanding senior secured notes. The targeted securities include the 8.625% Senior Secured Notes and the 11.250% Senior Secured Notes, both due in 2027, along with the 10.750% Senior Secured Notes due in 2029. The exchange terms are outlined in a confidential offering circular distributed on November 20, 2025, guiding participants through this financial strategy.

Exchange Offers Details

Sabre GLBL aims to facilitate the exchange of existing notes for new 10.750% Senior Secured Notes maturing in 2030. In an effort to encourage participation, the company announced an amendment offering a cash premium of $75 for each valid tender of the 2027 notes submitted before 5 p.m. New York City time on December 19, 2025. This offer allows those who participate past the initial deadline to receive significant total compensation, amounting to $755 in cash plus $320 principal of new notes for every $1,000 tendered.

To date, substantial interest in the exchange has been noted, with approximately $956.5 million of the existing notes tendered by the early exchange deadline, which evidences a strong response from eligible holders. It's crucial to note that those who proceed post-early exchange date but before the expiration date still stand to gain from the total consideration offered.

Conditions and Financial Obligations

For Sabre GLBL to finalize these exchanges, several conditions need to be met as mentioned in the offering circular, which includes finalizing related financing deals. Sabre anticipates initiating payments and delivering new notes to those whose existing notes are accepted on December 8, 2025, amounting to roughly $244.6 million in cash alongside $468.6 million in new notes, provided all conditions are satisfied.

Holders whose existing notes are accepted will also receive any unpaid accrued interest up to the early settlement date. However, there are constraints on the issuance of new notes, specifically stipulating that a minimum principal amount of $2,000 must be maintained.

Proration of New Notes and Future Steps

Importantly, the company has implemented a proration factor for the 2029 notes, reflecting an approximate 56.07% acceptance rate. As the exchange offers are set to conclude on the expiration date, only timely submissions under the established guidelines will be accepted, particularly for the 2029 series which may exceed the maximum exchange amount allowed.

In addition, Sabre disclosed plans to refinance existing senior secured term loans through a structured amendment aimed at improving financial efficiency. This refinancing is projected to involve two tranches totaling $375 million and is also scheduled to close by December 8, 2025.

Conclusion

This strategic motion not only illustrates Sabre Corporation's adaptability to market demands but also showcases its commitment to optimizing its financial positioning amid wide-ranging economic currents. With ongoing activities to refine debt security measures, Sabre stands poised for a more stable financial outlook while facilitating holder engagement during these exchange offers. For prospective participants, detailed information and updates regarding the exchange offers remain accessible through the official channels established by Sabre GLBL, ensuring informed decisions can be undertaken promptly.

This press release serves purely informational purposes and does not constitute a solicitation to buy or sell securities. Interested parties should proceed with thorough diligence and refer to legal guidance to understand the implications of participation within any securities offerings.