Sabre issues $150M 7% exchangeable notes due 2031; repurchases $100M existing notes

Sabre Corp

$150M 7% exchangeable notes due 2031 issued by Sabre GLBL, guaranteed by Sabre and Sabre Holdings.
Proceeds used to repurchase $100M of existing 7.32% notes due 2026 at par; remaining $50M to be retired.
Initial exchange price ~$2.24/share, 30% premium over May 13 close of $1.72. Exchange rate: 447.2272 shares/$1,000.
Notes not redeemable until May 2029; holders can require repurchase on May 15, 2029 or upon fundamental change.
Private placement to QIBs and accredited investors; no incremental debt from the transaction.

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