Sabre launches exchange offers for up to $955M of 2025 notes to extend maturity to 2027

Sabre Corp

Exchange offer for $850M 7.375% and $104.9M 9.25% senior secured notes due 2025.
For each $1,000 principal: $85 cash + $1,000 new 8.625% notes due 2027; early tender gets extra $50 cash.
Max cash consideration ~$129M; new notes mature June 1, 2027, callable March 2025 at 104.313%.
Minimum condition: $250M of new notes must be issued.
Expires Sep 5, 2023; early tender deadline Aug 18, 2023.

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