Sabre obtains $665M commitment from Centerbridge-led lenders, launches $615M tender for existing notes

Sabre Corp

New senior secured term loan facility of up to $665M, maturing Dec 15, 2028, with floating interest (initial 13% reference rate).
Tender offers for 9.250% 2025, 7.375% 2025, and 11.250% 2027 notes up to $615M aggregate purchase price.
Early tender premium $50/$1,000; total consideration $840–$970 per $1,000 depending on series.
Tender offers expire June 26, 2023; early tender deadline June 9; closing conditioned on definitive docs by July 24.
Proceeds primarily used to repurchase outstanding secured debt and pay fees; liquidity covenant of $100M.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Sabre Corp entered into Commitment Letter for Senior Secured Term Loan Facility with lenders led by affiliates of Centerbridge Partners, L.P. valued at $665 million senior secured term loan facility (effective 2023-05-25).

Action: entry
Agreement: credit facility
Counterparty: lenders led by affiliates of Centerbridge Partners, L.P.
Value: $665 million senior secured term loan facility
Effective: 2023-05-25

Exact text from the filing

On May 25, 2023, Sabre GLBL, Inc. (“Sabre GLBL”), a wholly-owned subsidiary of Sabre Corporation, entered into a commitment letter (the “Commitment Letter”) with lenders led by affiliates of Centerbridge Partners, L.P. (such lenders collectively, the “Lenders”), pursuant to which the Lenders committed to provide a senior secured term loan facility of up to $665 million (the “Term Loan Facility”) to Sabre Financial Borrower, LLC (the “Borrower”), a Delaware limited liability company and wholly-owned subsidiary of Sabre Corporation, subject to the Borrower using the proceeds from the Term Loan Facility for an intercompany loan (the “New Pari 1L Facility”) to Sabre GLBL.

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Source: SEC EDGAR

accession 0001193125-23-153616

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