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.

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