SOUTHLAKE, Texas, Sept. 2, 2020 /PRNewswire/ -- Sabre
Corporation ("Sabre") (Nasdaq: SABR) today
announced that, as part of its ongoing proactive response to
the impact on its business of the COVID-19 pandemic, it has
completed the readjustment of its capital structure to enhance cash
on hand and extend the maturity profile of its
indebtedness.
As the final step in this transaction, Sabre completed
supplemental closings today in respect of its previously announced
registered offerings of common stock and mandatory convertible
preferred stock, issuing additional shares pursuant to options that
were exercised by the underwriters of those offerings.
After taking today's supplemental closings into account, Sabre
has generated a total of approximately $598
million in proceeds net of commissions from its recent
equity offerings, increasing Sabre's cash on hand.
Concurrently, as previously announced, Sabre has extended the
scheduled maturity of a large portion of its indebtedness through
(1) the issuance of $850 million
aggregate principal amount of new senior secured notes due 2025 and
the application of the resulting proceeds to repay earlier maturing
indebtedness and (2) a maturity extension in respect to a portion
of Sabre's existing bank facility.
"As we continue to navigate through these unprecedented times in
our industry, it is critical that our team remains focused on
controlling what we can control and seeks to best position
Sabre for when travel resumes," said Sean
Menke, president and CEO of Sabre. "To that end, we've taken
additional steps to enhance Sabre's liquidity position, extend our
liquidity runway and push out the majority of our principal debt
maturities to 2024 or later. When combined with the
cost-saving initiatives we've already put in place and the
strategic actions we've taken over the last several years to
transform our business, we believe Sabre is poised to profitably
grow its business, both in the recovery phase of this pandemic and
long term."
Doug Barnett, Executive Vice
President and Chief Financial Officer of Sabre, stated, "As
evidenced by the successful completion of this financing
transaction, as well as our recently signed contract extension with
DXC that provides significant savings over its multi-year term, we
continue to take the actions necessary to protect our business in
this difficult environment. We remain committed to our expectation
for approximately $275 million cost
savings this year and we firmly believe these actions will position
Sabre for growth post-COVID-19."
About Sabre Corporation
Sabre Corporation is a
leading software and technology Company that powers the global
travel industry, serving a wide range of travel companies including
airlines, hoteliers, travel agencies and other suppliers. The
Company provides retailing, distribution and fulfilment solutions
that help its customers operate more efficiently, drive revenue and
offer personalized traveler experiences. Through its leading travel
marketplace, Sabre connects travel suppliers with buyers from
around the globe. Sabre's technology platform manages more than
$260B worth of global travel spend
annually. Headquartered in Southlake,
Texas, USA, Sabre serves customers in more than 160
countries around the world. For more information visit
www.sabre.com.
Forward-Looking Statements
Certain statements herein
are forward-looking statements about trends, future events,
uncertainties and our plans and expectations of what may happen in
the future. Any statements that are not historical or current facts
are forward-looking statements. In many cases, you can identify
forward-looking statements by terms such as "believe," "could,"
"likely," "expect," "plan," "commit," "guidance," "outlook,"
"anticipate," "will," "incremental," "preliminary," "forecast,"
"continue," "strategy," "confidence," "momentum," "estimate,"
"objective," "project," "may," "should," "would," "intend,"
"potential" or the negative of these terms or other comparable
terminology. Forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause Sabre's
actual results, performance or achievements to be materially
different from any future results, performances or achievements
expressed or implied by the forward-looking statements. More
information about potential risks and uncertainties that could
affect our business and results of operations is included in the
"Risk Factors" and "Forward-Looking Statements" sections in our
Annual Report on Form 10-K filed with the SEC on February 26, 2020, our Quarterly Reports on Form
10-Q filed with the SEC on May 8,
2020 and August 10, 2020 and
in our other filings with the SEC. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future events, outlook, guidance,
results, actions, levels of activity, performance or achievements.
Readers are cautioned not to place undue reliance on these
forward-looking statements. Unless required by law, Sabre
undertakes no obligation to publicly update or revise any
forward-looking statements to reflect circumstances or events after
the date they are made.
SABR-F
Contacts:
Media
Kristin Hays
kristin.hays@sabre.com
sabrenews@sabre.com
Investors
Kevin Crissey
kevin.crissey@sabre.com
sabre.investorrelations@sabre.com
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SOURCE Sabre Corporation