Sabre Corporation Reports Results of Senior Secured Debt Exchange Offers

On December 22, 2025, Sabre Corporation, publicly traded on Nasdaq as SABR, revealed the end of its exchange offers for specific senior secured debt securities. These exchange offers, which were initiated by Sabre GLBL Inc., a fully-owned subsidiary of Sabre, aimed to exchange existing 8.625% and 11.250% senior secured notes due 2027 and up to $379 million of 10.750% senior secured notes due 2029 for a new series of 10.750% senior secured notes due in 2030.

The exchange offers were structured in conjunction with the terms and conditions detailed in a confidential offering circular dated November 20, 2025. This initiative concluded at 5:00 PM NYC time on December 19, 2025, marking the expiration of the offers. The results showed a substantial engagement from investors, with significant principal amounts tendered for exchange.

A notable aspect of the announcement included detailed data on the exchange, broken down by series of notes. For instance, the 8.625% Senior Secured Notes due 2027 had an outstanding principal amount of $331.78 million, with $240.22 million tendered and $240.18 million accepted for exchange, offering investors a total consideration of $755 in cash along with a principal amount of $320 in new notes. Similarly, the 11.250% Senior Secured Notes due 2027 had a tender of $44.26 million against an outstanding amount of $45.81 million, with $44.25 million accepted under the same terms.

The 10.750% Senior Secured Notes due 2029 had a much larger engagement, with $676.49 million tendered out of an outstanding amount of approximately $824.71 million, where $378.99 million of this series was accepted for exchange, providing $60 in cash and a substantial principal amount of $1,000 in new notes. Overall, the total principal amount that was validly tendered amounted to approximately $960.97 million, illustrating a strong response from investors seeking better financial terms.

The Exchange Offers were crafted under helpful terms that allowed flexibility within the market without compromising the company's ability to meet its debts. The results also indicated that Sabre GLBL was committed to fulfilling its obligations in accordance with the structured arrangements outlined during the offers.

Bank of America Securities acted as the Sole Dealer Manager for these Exchange Offers, while Perella Weinberg Partners served as the Capital Markets Advisor to Sabre, ensuring that the process ran smoothly and that all regulatory requirements were considered. However, it's significant to note that this announcement was strictly informative and not an offer to purchase or a solicitation to sell any new notes or other securities, as the new notes are not registered under the Securities Act.

Moving forward, Sabre aims to leverage these successful exchanges as stepping stones towards strengthening its financial framework and continuing its efforts to tackle complex challenges within the global travel industry. The company's headquarters remain in Southlake, Texas, where it employs a workforce dedicated to supporting clients in over 160 countries, seeking innovative ways to enhance travel technology and the overall travel experience worldwide.

With these successful exchanges, Sabre Corporation not only demonstrates its robust engagement with the market but sets a strategic tone for its financial health moving forward, potentially signaling to investors its resilience and strategic planning in face of fluctuating market conditions. As such, Sabre is poised to continue navigating the complexities of the travel industry with a renewed focus on robust financial sustainability and innovation in technology solutions.