---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-168444"
form_type: "8-K"
ticker: "SABR"
cik: "0001597033"
company_name: "Sabre Corp"
filed_at: "2023-06-16T23:59:59+00:00"
generated_at: "2026-06-13T22:44:10.551994+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Sabre closes $700M senior secured term loan, repurchases $670M of 2025 notes

## Summary
- $700M term loan from Centerbridge-led lenders matures Dec 15, 2028; interest at Reference Rate + 25-175 bps; PIK toggle through 2025.
- Proceeds used to purchase $670M principal (98.5% of outstanding) of 9.250% Senior Secured Notes due 2025 at 97% of par.
- Minimum liquidity covenant of $100M; dividends on Sabre common stock may be restricted by new covenants.
- CFO Mike Randolfi says transaction provides additional flexibility and improves free cash flow.

## SEC filing metadata
- accession: 0001193125-23-168444
- form_type: 8-K
- ticker: SABR
- cik: 0001597033
- company_name: Sabre Corp
- filed_at: 2023-06-16T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 3.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1597033/000119312523168444/0001193125-23-168444-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1597033/000119312523168444/d258407d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-168444
- JSON: https://secwatch.observer/filing/0001193125-23-168444.json
- Plain text: https://secwatch.observer/filing/0001193125-23-168444.txt

## Key facts
- Debt Financings
  Sabre Corp incurred term loan of $700 million with Sabre Financial Borrower, LLC at same economic terms as the Term Loan Facility: Reference Rate plus 25 basis poin maturing December 15, 2028.
  - Instrument: term loan
  - Principal: $700 million
  - Counterparty: Sabre Financial Borrower, LLC
  - Rate: same economic terms as the Term Loan Facility: Reference Rate plus 25 basis poin
  - Maturity: December 15, 2028
  - Event: incurrence
  source text: agent (the “Agent”). The Term Loan Credit Agreement provides for a senior secured term loan facility (the “Term Loan Facility”) by the Lenders to SPV Borrower of up to $700 million, subject to SPV Borrower using the proceeds from the Term Loan Facility for an intercompany loan (the “New Pari 1L Facility”) to Sabre GLBL, Inc. (“Sabre GLBL”). SPV Borrower’s
  evidence_url: https://www.sec.gov/Archives/edgar/data/1597033/000119312523168444/0001193125-23-168444-index.htm
- Debt Financings
  Sabre Corp incurred term loan of $700 million with affiliates of Centerbridge Partners, L.P. at Reference Rate plus 25 basis points for cash interest or 175 basis points for pa maturing December 15, 2028.
  - Instrument: term loan
  - Principal: $700 million
  - Counterparty: affiliates of Centerbridge Partners, L.P.
  - Rate: Reference Rate plus 25 basis points for cash interest or 175 basis points for pa
  - Maturity: December 15, 2028
  - Event: incurrence
  source text: agent (the “Agent”). The Term Loan Credit Agreement provides for a senior secured term loan facility (the “Term Loan Facility”) by the Lenders to SPV Borrower of up to $700 million, subject to SPV Borrower using the proceeds from the Term Loan Facility for an intercompany loan (the “New Pari 1L Facility”) to Sabre GLBL, Inc. (“Sabre GLBL”). SPV Borrower’s
  evidence_url: https://www.sec.gov/Archives/edgar/data/1597033/000119312523168444/0001193125-23-168444-index.htm
- Material Agreements
  Sabre Corp entered into New Pari 1L Credit Agreement with Sabre GLBL, Inc. valued at $700 million (effective 2023-06-13).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Sabre GLBL, Inc.
  - Value: $700 million
  - Effective: 2023-06-13
  source text: On June 13, 2023, Sabre GLBL entered into the First Lien Pari Passu Credit Agreement (the “New Pari 1L Credit Agreement”), among Sabre GLBL, as borrower, Sabre Holdings Corporation, as guarantor (“Sabre Holdings”), SPV Borrower, as lender, and the Agent.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1597033/000119312523168444/0001193125-23-168444-index.htm
- Material Agreements
  Sabre Corp entered into Term Loan Credit Agreement with affiliates of Centerbridge Partners, L.P. valued at $700 million (effective 2023-06-13).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: affiliates of Centerbridge Partners, L.P.
  - Value: $700 million
  - Effective: 2023-06-13
  source text: entered into the Term Loan Credit Agreement (the “Term Loan Credit Agreement”), among SPV Borrower, as borrower, Sabre Financing Holdings, LLC, as guarantor (“Holdings”), certain subsidiary guarantors party thereto, the lenders led by affiliates of Centerbridge Partners, L.P. (such lenders collectively, the “Lenders”), and Wilmington Trust, National Association, as administrative agent (the “Agent”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1597033/000119312523168444/0001193125-23-168444-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.