SOUTHLAKE, Texas, Dec. 7, 2020 /PRNewswire/ -- Sabre
Corporation ("Sabre") (Nasdaq: SABR) today announced a
proposed refinancing of a portion of its existing
indebtedness. The proposed refinancing includes the borrowing by
its wholly-owned subsidiary, Sabre GLBL Inc. ("Sabre GLBL"), under
a new $637,000,000 million term loan
B facility (the "New Facility") under the senior secured credit
agreement (the "Credit Agreement") that governs its existing
revolving credit facility, its existing term "A" loan facility (the
"Term A Loans"), and its existing term "B" loan facility. Sabre
would incur no additional indebtedness as a result of the proposed
refinancing above the refinanced amount, other than amounts
covering interest, fees and expenses relating to repayment of the
Term A Loans. The proposed refinancing is expected to
meaningfully improve Sabre's debt maturity profile and preserve its
flexibility.
The New Facility would include a $500
million incremental term "B" loan, the proceeds of which
would be used to redeem all of Sabre GLBL's November 2023 Secured Notes, and a $137,000,000 million refinancing term "B" loan,
the proceeds of which would be used to prepay in full its remaining
outstanding Term A Loans and a portion of the fees and expenses in
connection with the prepayment. The New Facility would mature on
the seventh (7th) anniversary of the closing date of the New
Facility.
The precise timing and terms of the New
Facility are subject to reaching agreement with Sabre's
lender banks and institutions, market conditions and other
factors. No assurance can be made that the New
Facility will be consummated on the proposed terms or at
all or that any existing debt will be redeemed or prepaid as
described above.
The New Facility will be guaranteed by Sabre Holdings
Corporation and each subsidiary of Sabre GLBL that guarantees the
Credit Agreement. The New Facility and the
guarantees thereof will be secured, subject to permitted
liens, by a first-priority security interest in the same
collateral that secures Sabre GLBL's other senior secured
indebtedness, which is substantially all present and
hereafter acquired property and assets of Sabre GLBL and the
guarantors (other than certain excluded assets).
BofA Securities, Inc., Mizuho
Bank, Ltd., Wells Fargo Securities, LLC, Deutsche Bank
Securities Inc., Citibank N.A., PNC Bank, National Association,
Goldman Sachs Bank USA, Morgan
Stanley Senior Funding, Inc., MUFG, JPMorgan Chase Bank, N.A and
ING Bank, N.A. are proposed to act as joint bookrunners and BofA
Securities, Inc. will act as sole lead arranger. Bank of
America is the administrative agent and the collateral agent for
the Credit Agreement.
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 traveller
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 Report on Form 10-Q filed with the SEC on November 6, 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