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

Sabre Corporation Launches Exchange Offers

In a significant move that underscores its strategy for financial enhancement, Sabre Corporation, a prominent technology entity in the travel sector, has initiated exchange offers aimed at addressing existing senior secured debt securities. The wholly-owned subsidiary, Sabre GLBL Inc., began these offers to convert its outstanding notes into new debt instruments with a longer maturity profile.

This exchange offer includes its 8.625% Senior Secured Notes and 11.250% Senior Secured Notes, both due in 2027, alongside 10.750% Senior Secured Notes maturing in 2029. The primary goal of this restructuring effort is to shift these debts to a new issuance of Senior Secured Notes set to mature in 2030, fundamentally optimizing the company’s debt maturity schedule.

Key Details of the Exchange Offers

The participating notes in the exchange are:

• - 8.625% Senior Secured Notes due 2027 - $331,783,000 outstanding
• - 11.250% Senior Secured Notes due 2027 - $45,814,000 outstanding
• - 10.750% Senior Secured Notes due 2029 - $824,714,000 outstanding

In total, Sabre GLBL has established a minimum issuance threshold of $300 million for its new notes. Each holder of the existing notes can expect to receive cash as well as a corresponding principal amount of the new securities upon successful exchange.

The specifics are as follows:

• - For every $1,000 of the older notes exchanged, holders may receive $680 in cash along with $320 in new notes. An early exchange premium of $75 in cash is additionally being offered for timely participants in the exchange program.
• - Those carrying the 10.750% notes will be able to exchange up to a maximum of $379 million of their existing security, contingent upon meeting certain conditions stipulated in the Offering Circular released on November 20, 2025.

Maturity and Redemption Terms

The new set of notes will mature on March 15, 2030, with a fixed interest rate of 10.750%. After March 15, 2027, these new notes may be redeemed at a premium, highlighting the company’s commitment towards maintaining an advantageous debt structure. The newly issued notes would rank equally among existing senior secured debts, maintaining financial integrity as Sabre continues to navigate the complexities of the travel technology landscape.

Access to this exchange opportunity is exclusively extended to 'Eligible Holders', defined as either institutional entities or non-U.S. persons outside of certain legal jurisdictional contexts, protecting the integrity of the offering process and aligning with regulatory standards.

Importance of the Exchange Offers

The urgency of these exchange offers reflects Sabre’s commitment to improving its financial stability. This strategic maneuver not only aims to manage current debt obligations effectively but also paves the way for enhanced operational flexibility and potential future growth. Aiming to strengthen its liquidity position, Sabre is navigating through a nuanced financial landscape effectively, reinforcing its status in the travel technology sector.

The exchange opportunity will continue until 5 p.m. EST on December 19, 2025, although this may change if extended. Notably, participants must submit their current notes by December 4, 2025, to qualify for additional premiums associated with early exchanges.

As such, the integration of this strategic financial maneuver highlights Sabre's overarching plan to enhance its ability to respond dynamically to the evolving challenges and opportunities in the global travel market. For the travel partners, including airlines and hospitality services, Sabre's endeavors prove critical, assuring them of a robust technological partner committed to innovation and stability.