Sabre greenshoe lifts five-year exchangeable notes to $345 million

By Sarah Lizee

Olympia, Wash., April 17 – Initial purchasers for Sabre Corp. subsidiary Sabre GLBL Inc.’s five-year exchangeable notes exercised their greenshoe in full, bringing the total deal size to $345 million, according to a press release.

As previously reported, the securities priced after the market close on April 13 at par with a coupon of 4% and an initial conversion premium of 32.5%, according to a company news release.

Pricing came richer than initial price talk for a coupon of 4.5% to 5% and an initial exchange premium of 22.5% to 27.5%, according to a market source.

The notes will be issued by subsidiary Sabre GLBL and exchangeable for Sabre Corp. common stock.

Goldman Sachs & Co. LLC, BofA Securities Inc. and Morgan Stanley & Co. LLC were joint bookrunners for the Rule 144A offering.

The initial size of the offering was $250 million with a greenshoe of $37.5 million.

The notes are non-callable. They are putable upon a fundamental change.

There is dividend protection.

The notes will be settled in cash, shares or a combination of both at the company’s option.

Concurrently with the convertible notes offering, Sabre priced an upsized $775 million of five-year senior secured notes at par to yield 9¼%.

Proceeds will be used for general corporate purposes.

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

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