Sabre Corp (SABR): debt financing — Sabre Corp completes $1B debt issuance, exchange offer, and term loan refinancing

Sabre Corp

Issued $1B aggregate principal of 11.125% senior secured notes due 2029 via subsidiary Sabre Financial Borrower.
Exchanged ~$659M of existing notes for ~$468M of new 10.750% senior secured notes due 2030.
Refinanced term loans into $375M new term loans, extending maturity to July 2029 at SOFR+6.25%.
SPV notes structurally senior to Sabre GLBL debt; covenants restrict dividends on common stock.
Proceeds from SPV notes lent to Sabre GLBL to refinance existing obligations; no cash from exchange.

item 1.01 item 2.03 item 3.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Sabre Corp incurred senior notes of $1 billion with Wilmington Trust, National Association at 11.125% per year maturing mature on June 15, 2029.

Instrument: senior notes
Principal: $1 billion
Counterparty: Wilmington Trust, National Association
Rate: 11.125% per year
Maturity: mature on June 15, 2029
Event: incurrence

Exact text from the filing

On December 5, 2025 (the “SPV Notes Issue Date”), Sabre Financial Borrower, LLC (“Sabre Financial”), an indirect wholly-owned subsidiary of Sabre Corporation (“Sabre” or the “Company”), Sabre Financing Holdings LLC (“Sabre Financing”), Sabre Financial’s direct parent company, certain of Sabre’s Luxembourg subsidiaries and Wilmington Trust, National Association, as trustee and collateral agent, entered into an indenture (the “SPV Notes Indenture”) governing Sabre Financial’s newly issued 11.125% senior secured notes due 2029 (the “SPV Notes”). The SPV Notes were issued in an aggregate principal amount of $1 billion, will pay interest semiannually in arrears on June 15 and December 15 of each year, beginning on June 15, 2026, at a rate of 11.125% per year, and will mature on June 15, 2029.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Sabre Corp entered into SPV Notes Indenture with Wilmington Trust, National Association valued at $1 billion (effective 2025-12-05).

Action: entry
Agreement: notes offering
Counterparty: Wilmington Trust, National Association
Value: $1 billion
Effective: 2025-12-05

Exact text from the filing

On December 5, 2025 (the “SPV Notes Issue Date”), Sabre Financial Borrower, LLC (“Sabre Financial”), an indirect wholly-owned subsidiary of Sabre Corporation (“Sabre” or the “Company”), Sabre Financing Holdings LLC (“Sabre Financing”), Sabre Financial’s direct parent company, certain of Sabre’s Luxembourg subsidiaries and Wilmington Trust, National Association, as trustee and collateral agent, entered into an indenture (the “SPV Notes Indenture”) governing Sabre Financial’s newly issued 11.125% senior secured notes due 2029 (the “SPV Notes”).

View on SEC.gov

100 debt financings filed in the last 30 days. Browse all debt financings →

Sabre Corp filing history →

Source: SEC EDGAR

accession 0001193125-25-316195

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