Sabre unit offers to exchange two notes due 2025 for new notes, cash

By Wendy Van Sickle

Columbus, Ohio, Aug. 7 – Sabre Corp. announced that wholly owned subsidiary Sabre GLBL Inc. began an offer to exchange two series of notes for cash and new Sabra GLBL-issued 8 5/8% senior secured notes due June 1, 2027.

The notes include the $850 million principal amount outstanding of 7 3/8% senior secured notes due 2025 (Cusips: 78573NAF9, U86043AD5) and the $104,901,000 principal amount outstanding of 9¼% senior secured notes due 2025 (Cusips: 78573NAC6, U86043AC7).

For each series, the company is offering a total consideration of $1,000 principal amount of new notes plus $135 in cash to holders who tender their notes for exchange by the early deadline of 5 p.m. ET on Aug. 18. The total consideration includes an early tender premium of $50 in cash that will not be paid to holders who tender after the early deadline.

The offers will expire at 5 p.m. ET on Sept. 5.

The withdrawal deadline is 5 p.m. ET on Aug. 18.

Settlement is expected to occur on Sept. 7.

The offers are subject to conditions including the issuance of at least $250 million of new notes.

The new notes will first be redeemable at the issuer’s option on March 1, 2025 at 104.313.

The offer is being made only to holders who are qualified institutional buyers under Rule 144A or non-U.S. persons under Regulation S.

D.F. King & Co., Inc. is the tender and information agent (212 269-5550, 866 227-7300, sabre@dfking.com).

Sabre is a Southlake, Tex.-based software and technology company for the travel industry.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.