secwatch.observer — SEC 8-K summary
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Issuer:     Sabre Corp (SABR)
CIK:        0001597033
Form:       8-K
Filed at:   2023-06-16T23:59:59+00:00
Accession:  0001193125-23-168444
Event type: debt
Sentiment:  positive
Materiality: 0.70
Item codes: 1.01, 2.03, 3.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1597033/000119312523168444/0001193125-23-168444-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1597033/000119312523168444/d258407d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-168444

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