Sabre Prices Upsized $1.35 Billion of 9.875% Senior Secured Notes

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Sabre Corporation priced an upsized $1.35 billion offering of 9.875% senior secured notes on September 15 through its subsidiary, Sabre Financial Borrower, LLC. The offering increased from $1.1 billion, and the notes mature on October 15, 2032, with closing expected September 28. Proceeds will support refinancing that includes $1 billion of existing 11.125% secured notes due in 2029, other debt purchases, and transaction expenses, while additional tender offers carry a $250 million maximum purchase price and target secured notes due in 2029 and 2030. The new coupon sits 1.25 percentage points below the 11.125% rate on the targeted $1 billion issue, a difference that represents $12.5 million of annual coupon savings applied to equal principal, though the new notes would carry approximately $133.3 million in annual coupon payments. Sabre reported second-quarter revenue up 4% to $712 million and GAAP operating income up 4% to $93 million, but first-half free cash flow was negative $145.6 million and the August outlook projected approximately $65 million of negative full-year free cash flow.

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