Sabre prices $1B 11.125% senior secured notes due 2029; launches exchange offers to extend debt maturities

Sabre Corp

$1B aggregate principal of 11.125% Senior Secured Notes due 2029 issued by subsidiary Sabre Financial, closing expected Dec 5, 2025.
Exchange offers commenced for up to $332M of 8.625% notes due 2027, $46M of 11.25% notes due 2027, and up to $379M of 10.75% notes due 2029.
Holders tendering by Dec 4 get early exchange premium: $75 cash for 2027 notes, $60 cash for 2029 notes; new 10.75% notes due 2030.
Proceeds from notes and intercompany loan will fund repurchase/refinancing of existing debt and term loan refinancing.
Exchange offers subject to minimum $300M of new notes issued and consummation of SPV notes private offering; conditions may be waived.

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