Sabre issues $1.325B 11.125% senior secured notes due 2030; tenders $325M of existing notes

Sabre Corp

Issued $1.325B aggregate principal of 11.125% senior secured notes due 2030; semiannual interest starts Jan 15, 2026.
Net proceeds used to prepay intercompany loan and repurchase $325M of existing 8.625% notes due 2027 via tender offers.
Tender accepted $325M of 8.625% notes at total consideration of $1,035 per $1,000, including early tender premium; proration factor ~57.75%.
Certain subsidiaries sold in Hospitality Solutions Sale not required to guarantee new notes before Oct 15, 2025.
Covenants limit dividends and other payments, potentially impacting common stock dividends.

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