Sabre Corp incurred term loan of $700 million with Sabre Financial Borrower, LLC at same economic terms as the Term Loan Facility: Reference Rate plus 25 basis poin maturing December 15, 2028.
“agent (the “Agent”). The Term Loan Credit Agreement provides for a senior secured term loan facility (the “Term Loan Facility”) by the Lenders to SPV Borrower of up to $700 million, subject to SPV Borrower using the proceeds from the Term Loan Facility for an intercompany loan (the “New Pari 1L Facility”) to Sabre GLBL, Inc. (“Sabre GLBL”). SPV Borrower’s”
Debt Financings
Sabre Corp incurred term loan of $700 million with affiliates of Centerbridge Partners, L.P. at Reference Rate plus 25 basis points for cash interest or 175 basis points for pa maturing December 15, 2028.
“agent (the “Agent”). The Term Loan Credit Agreement provides for a senior secured term loan facility (the “Term Loan Facility”) by the Lenders to SPV Borrower of up to $700 million, subject to SPV Borrower using the proceeds from the Term Loan Facility for an intercompany loan (the “New Pari 1L Facility”) to Sabre GLBL, Inc. (“Sabre GLBL”). SPV Borrower’s”
Material Agreements
Sabre Corp entered into New Pari 1L Credit Agreement with Sabre GLBL, Inc. valued at $700 million (effective 2023-06-13).
“On June 13, 2023, Sabre GLBL entered into the First Lien Pari Passu Credit Agreement (the “New Pari 1L Credit Agreement”), among Sabre GLBL, as borrower, Sabre Holdings Corporation, as guarantor (“Sabre Holdings”), SPV Borrower, as lender, and the Agent.”
Material Agreements
Sabre Corp entered into Term Loan Credit Agreement with affiliates of Centerbridge Partners, L.P. valued at $700 million (effective 2023-06-13).
“entered into the Term Loan Credit Agreement (the “Term Loan Credit Agreement”), among SPV Borrower, as borrower, Sabre Financing Holdings, LLC, as guarantor (“Holdings”), certain subsidiary guarantors party thereto, the lenders led by affiliates of Centerbridge Partners, L.P. (such lenders collectively, the “Lenders”), and Wilmington Trust, National Association, as administrative agent (the “Agent”).”
Material Agreements
Sabre Corp amended Amendment with lenders led by affiliates of Centerbridge Partners, L.P. valued at $700 million (effective 2023-06-07).
“On June 7, 2023, Sabre GLBL, Inc. (“Sabre GLBL”), a wholly-owned subsidiary of Sabre Corporation, entered into an amendment (the “Amendment”) to the commitment letter, dated May 25, 2023 (the “Commitment Letter”), with lenders led by affiliates of Centerbridge Partners, L.P. (such lenders collectively, the “Lenders”).”
Material Agreements
Sabre Corp entered into Commitment Letter for Senior Secured Term Loan Facility with lenders led by affiliates of Centerbridge Partners, L.P. valued at $665 million senior secured term loan facility (effective 2023-05-25).
“On May 25, 2023, Sabre GLBL, Inc. (“Sabre GLBL”), a wholly-owned subsidiary of Sabre Corporation, entered into a commitment letter (the “Commitment Letter”) with lenders led by affiliates of Centerbridge Partners, L.P. (such lenders collectively, the “Lenders”), pursuant to which the Lenders committed to provide a senior secured term loan facility of up to $665 million (the “Term Loan Facility”) to Sabre Financial Borrower, LLC (the “Borrower”), a Delaware limited liability company and wholly-owned subsidiary of Sabre Corporation, subject to the Borrower using the proceeds from the Term Loan Facility for an intercompany loan (the “New Pari 1L Facility”) to Sabre GLBL.”
Material Agreements
Sabre Corp amended SOFR Amendment with Bank of America, N.A. (effective 2023-05-16).
“On May 16, 2023, Sabre GLBL Inc. (the “Borrower”), a wholly-owned subsidiary of Sabre Corporation (“Sabre,” the “Corporation,” “we,” “us,” or “our”), entered into the SOFR Amendment (as defined below), dated May 16, 2023, amending the Borrower’s senior secured credit facilities.”
David Moore departed as Executive Vice President and Chief Technology Officer at Sabre Corp.
“On May 8, 2023, Sabre Corporation (“Sabre”) approved David Moore’s ceasing to serve as Executive Vice President and Chief Technology Officer of Sabre, effective as of May 8, 2023.”
Earnings Releases
Sabre Corp reported the quarter ended March 31, 2023 results: revenue $743 million, net income Net loss attributable to common stockholders of $104 million, EPS $0.32.
“First quarter revenue totaled $743 million, up 27% from the first quarter 2022 • Net loss attributable to common stockholders of $104 million and diluted net loss per share attributable to common stockholders of $0.32”
Shareholder Votes
Sabre Corp shareholders approved Advisory vote to approve the compensation of Sabre's named executive officers. at the 2023-04-26 meeting.
“4. Stockholders approved the advisory and non-binding resolution to approve Sabre’s compensation of its named executive officers, as set forth below. Votes For Votes Against Abstentions Broker Non-Votes 241,806,084 13,695,432 348,018 33,131,423”
Shareholder Votes
Sabre Corp shareholders approved Approval of the Sabre Corporation 2023 Omnibus Incentive Compensation Plan. at the 2023-04-26 meeting.
“3. Stockholders approved the 2023 Omnibus Plan, as set forth below. Votes For Votes Against Abstentions Broker Non-Votes 238,913,906 16,531,330 404,298 33,131,423”
Shareholder Votes
Sabre Corp shareholders approved Ratification of the selection of Ernst & Young LLP as Sabre's independent auditor for fiscal year ending December 31, 2023. at the 2023-04-26 meeting.
“2. Stockholders ratified the selection of Ernst & Young LLP as Sabre’s independent auditor for the fiscal year ending December 31, 2023, as set forth below. Votes For Votes Against Abstentions 278,868,602 9,894,359 217,996”
Shareholder Votes
Sabre Corp shareholders approved Election of twelve directors to serve one-year terms. at the 2023-04-26 meeting.
“The final results of voting on each of the matters submitted to a vote of stockholders at the 2023 Annual Meeting are as follows: 1. Stockholders elected each of George Bravante, Jr., Hervé Couturier, Kurt Ekert, Rachel Gonzalez, Gail Mandel, Sean Menke, Phyllis Newhouse, Karl Peterson, Zane Rowe, Gregg Saretsky, John Scott, and Wendi Sturgis to Sabre’s Board of Directors, each to serve a one-year term to expire at Sabre’s 2024 Annual Meeting of Stockholders and until their successors have been duly elected and qualified, as set forth below. Votes For Votes Against Abstentions Broker Non-Votes George Bravante, Jr. 249,442,256 5,884,444 522,834 33,131,423 Hervé Couturier 249,469,155 5,858,751 521,628 33,131,423 Kurt Ekert 254,555,762 1,056,936 236,836 33,131,423 Rachel Gonzalez 247,401,546 7,942,200 505,788 33,131,423 Gail Mandel 249,495,810 5,833,265 520,459 33,131,423 Sean Menke 251,857,044 3,757,090 235,400 33,131,423 Phyllis Newhouse 229,620,691 25,711,037 517,806 33,131,423 Karl”
Material Agreements
Sabre Corp entered into Sale and Contribution Agreements with SPE valued at $200 million (effective 2023-02-14).
“on February 14, 2023, Sabre Securitization, LLC, a special purpose entity (the “SPE”) that is an indirect subsidiary of Sabre Corporation (“Sabre” or the “Company”), entered into a three-year committed accounts receivable securitization facility (the “AR Facility”) of up to $200 million with PNC Bank, N.A., as administrative agent (the “Administrative Agent”), structuring agent and lender.”
Kurt J. Ekert was appointed as Chief Executive Officer and President at Sabre Corp.
“On March 1, 2023, Sabre Corporation (“Sabre”) announced that, effective April 27, 2023, Sean Menke, current Chair of the Board of Directors and Chief Executive Officer (“Chief Executive Officer”) of Sabre, will transition his role as CEO to Kurt J. Ekert, current President of Sabre.”
Sean Menke changed role as Executive Chair of the Board at Sabre Corp.
“On March 1, 2023, Sabre Corporation (“Sabre”) announced that, effective April 27, 2023, Sean Menke, current Chair of the Board of Directors and Chief Executive Officer (“Chief Executive Officer”) of Sabre, will transition his role as CEO to Kurt J. Ekert, current President of Sabre.”
Debt Financings
Sabre Corp incurred credit facility of up to $200 million with PNC Bank, N.A. at SOFR plus a drawn fee initially in the amount of 225 bps maturing February 2026.
“On February 14, 2023 (the “Closing Date”), Sabre Securitization, LLC, a special purpose entity (the “SPE”) that is an indirect subsidiary of Sabre Corporation (“Sabre” or the “Company”), entered into a three-year committed accounts receivable securitization facility (the “AR Facility”) of up to $200 million with PNC Bank, N.A., as administrative agent (the “Administrative Agent”), structuring agent and lender.”
Material Agreements
Sabre Corp entered into Receivables Financing Agreement with PNC Bank, N.A. valued at up to $200 million (effective 2023-02-14).
“On February 14, 2023 (the “Closing Date”), Sabre Securitization, LLC, a special purpose entity (the “SPE”) that is an indirect subsidiary of Sabre Corporation (“Sabre” or the “Company”), entered into a three-year committed accounts receivable securitization facility (the “AR Facility”) of up to $200 million with PNC Bank, N.A., as administrative agent (the “Administrative Agent”), structuring agent and lender.”
Earnings Releases
Sabre Corp reported the quarter and year ended December 31, 2022 results: revenue $631 million in the fourth quarter, up 26% from 2021 and $2.5 billion for the full year, a 50% increase from 2021, net income Net loss attributable to common stockholders totaled $165 million in the fourth quarter and $457 million for the full ye, EPS Net loss attributable to common stockholders per share totaled $0.50 in the fourth quarter and $1.40 for the full year. Guidance reaffirmed.
“Sabre reports continued improvement in 2022 results and reiterates expectations for positive free cash flow for full year 2023”
Governance Changes
Sabre Corp: Adopted Seventh Amended and Restated Bylaws to conform to SEC Universal Proxy Rules, recent DGCL amendments, and periodic review; includes changes to advance notice provisions, Universal Proxy Rules compliance, and gender neutrality updates (effective 2022-12-06).
“On December 6, 2022, the Board of Directors of Sabre adopted the Seventh Amended and Restated Bylaws (the “Amended and Restated Bylaws”) of the Company (as amended and restated, the “Amended and Restated Bylaws”), in connection with the new Securities and Exchange Commission rules regarding Universal Proxy Rules (as defined below), certain recent changes to the Delaware General Corporation Law (the “DGCL”) and a periodic review of the bylaws.”
Debt Financings
Sabre Corp incurred senior notes of $555 million aggregate principal amount with Computershare Trust Company, N.A. at 11.250% per year maturing December 15, 2027.
“On December 6, 2022, Sabre GLBL Inc. (the “Issuer”), a wholly-owned subsidiary of Sabre Corporation (“Sabre,” the “Company,” “we,” “us,” or “our”), Sabre Holdings Corporation (“Holdings”) and certain of the Issuer’s subsidiaries, as guarantors (collectively, with Holdings, the “Guarantors”), and Computershare Trust Company, N.A. (“Computershare”) as trustee and collateral agent, entered into an indenture (the “Senior Secured Notes Indenture”) governing the Issuer’s newly issued $555 million aggregate principal amount of 11.250% senior secured notes due 2027 (the “Senior Secured Notes”).”
Material Agreements
Sabre Corp entered into Senior Secured Notes Indenture with Computershare Trust Company, N.A. valued at $555 million aggregate principal amount (effective 2022-12-06).
“entered into an indenture (the “Senior Secured Notes Indenture”) governing the Issuer’s newly issued $555 million aggregate principal amount of 11.250% senior secured notes due 2027”
Earnings Releases
Sabre Corp reported the quarter ended September 30, 2022 results: revenue $663 million, net income $141 million, EPS $0.43.
“Third quarter revenue totaled $663 million • Net loss attributable to common stockholders of $141 million and diluted net loss per share attributable to common stockholders of $0.43”
Rachel Gonzalez was elected as Director at Sabre Corp.
“Effective October 20, 2022, the Board of Directors (the “Board”) of Sabre Corporation (“Sabre”) elected Rachel Gonzalez as a director.”
Wade Jones departed as Executive Vice President and Chief Product Officer at Sabre Corp.
“and Wade Jones’ stepping down as Executive Vice President and Chief Product Officer, effective July 31, 2022.”
Doug Barnett departed as Executive Vice President and Chief Financial Officer at Sabre Corp.
“On July 27, 2022, the Board of Directors of Sabre also approved Doug Barnett’s stepping down as Executive Vice President and Chief Financial Officer of Sabre, effective August 22, 2022”
Mike Randolfi was appointed as Executive Vice President and Chief Financial Officer at Sabre Corp.
“On July 27, 2022, the Board of Directors of Sabre Corporation (“Sabre”) appointed Mike Randolfi, age 50, as Executive Vice President and Chief Financial Officer of Sabre, effective August 22, 2022.”
Gary Kusin retired as Director at Sabre Corp.
“Gary Kusin will retire from the Board”
Gregg Saretsky was elected as independent Lead Director at Sabre Corp.
“Gregg Saretsky has been elected as independent Lead Director”
Sean Menke was elected as Chair of the Board at Sabre Corp.
“Sean Menke has been elected Chair of the Board and Chief Executive Officer”
Karl Peterson retired as Chairman of the Board at Sabre Corp.
“Karl Peterson will retire as Chairman of the Board”
David Shirk changed role as Senior Advisor at Sabre Corp.
“David Shirk intends to step down from his position as Executive Vice President and President of Travel Solutions of Sabre, effective December 31, 2021. Mr. Shirk will remain with Sabre as Senior Advisor of Sabre through December 31, 2022.”
Kurt J. Ekert was elected as President at Sabre Corp.
“Kurt J. Ekert, age 51, has been elected President of Sabre, effective January 3, 2022.”
Facts are extracted by an LLM and gated to those whose source quote is present verbatim in the filing text. Coverage is best-effort while backfill and monitoring mature; this is not yet a full-market index. See methodology.