Sabre Corp (SABR): debt financing — Sabre issues $555M 11.250% senior secured notes due 2027 to repay Term Loan B

Sabre Corp

Issued $555M aggregate principal of 11.250% senior secured notes due December 15, 2027.
Net proceeds used to repay ~$536.5M of Term Loan B plus accrued interest and fees.
Notes are secured by first-priority liens on collateral sharing pari passu with existing secured notes and credit facility.
Covenants limit dividends, additional debt, asset sales, etc.; suspension if investment grade rating obtained.
Also amended bylaws to conform to SEC universal proxy rules and recent DGCL changes (procedural).

item 1.01 item 2.03 item 3.03 item 5.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Sabre Corp incurred senior notes of $555 million aggregate principal amount with Computershare Trust Company, N.A. at 11.250% per year maturing December 15, 2027.

Instrument: senior notes
Principal: $555 million aggregate principal amount
Counterparty: Computershare Trust Company, N.A.
Rate: 11.250% per year
Maturity: December 15, 2027
Event: incurrence

Exact text from the filing

On December 6, 2022, Sabre GLBL Inc. (the “Issuer”), a wholly-owned subsidiary of Sabre Corporation (“Sabre,” the “Company,” “we,” “us,” or “our”), Sabre Holdings Corporation (“Holdings”) and certain of the Issuer’s subsidiaries, as guarantors (collectively, with Holdings, the “Guarantors”), and Computershare Trust Company, N.A. (“Computershare”) as trustee and collateral agent, entered into an indenture (the “Senior Secured Notes Indenture”) governing the Issuer’s newly issued $555 million aggregate principal amount of 11.250% senior secured notes due 2027 (the “Senior Secured Notes”).

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Sabre Corp: Adopted Seventh Amended and Restated Bylaws to conform to SEC Universal Proxy Rules, recent DGCL amendments, and periodic review; includes changes to advance notice provisions, Universal Proxy Rules compliance, and gender neutrality updates (effective 2022-12-06).

Change: bylaw amendment
Effective: 2022-12-06

Exact text from the filing

On December 6, 2022, the Board of Directors of Sabre adopted the Seventh Amended and Restated Bylaws (the “Amended and Restated Bylaws”) of the Company (as amended and restated, the “Amended and Restated Bylaws”), in connection with the new Securities and Exchange Commission rules regarding Universal Proxy Rules (as defined below), certain recent changes to the Delaware General Corporation Law (the “DGCL”) and a periodic review of the bylaws.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Sabre Corp entered into Senior Secured Notes Indenture with Computershare Trust Company, N.A. valued at $555 million aggregate principal amount (effective 2022-12-06).

Action: entry
Agreement: notes offering
Counterparty: Computershare Trust Company, N.A.
Value: $555 million aggregate principal amount
Effective: 2022-12-06

Exact text from the filing

entered into an indenture (the “Senior Secured Notes Indenture”) governing the Issuer’s newly issued $555 million aggregate principal amount of 11.250% senior secured notes due 2027

View on SEC.gov

99 debt financings filed in the last 30 days. Browse all debt financings →

Sabre Corp filing history →

Source: SEC EDGAR

accession 0001193125-22-299495

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