SOUTHLAKE, Texas, July 12, 2021 /PRNewswire/ -- Sabre Corporation
("Sabre") (Nasdaq: SABR) today announced a refinancing of a portion
of its existing indebtedness, including the repayment in full of
its Term Loan B facility and its Revolving Credit Loan facility,
and termination of the revolving commitments thereunder.
Sabre incurred no additional indebtedness as a result of the
refinancing above the refinanced amount, other than amounts
covering certain interest, fees and expenses. The refinancing has
meaningfully improved Sabre's debt maturity profile and its
operational flexibility by amending the financial performance
covenant to remove the minimum liquidity requirement, the total net
leverage ratio maintenance requirement, and certain other
limitations.
The refinancing included the application of the proceeds of (i)
a new $404 million term loan "B-1"
facility (the "New Term B-1 Facility") and (ii) a new $644 million term loan "B-2" facility (together
with the New Term B-1 Facility, the "New Facilities"), borrowed by
its wholly-owned subsidiary Sabre GLBL Inc. ("Sabre GLBL") under
its existing senior secured credit agreement (the "Credit
Agreement"), to pay down in full $633,815,000 of the existing Term Loan B credit
facility incurred December 17, 2020
under the Credit Agreement and $400,000,000 of the existing Revolving Credit
Loan facility outstanding as of July 12,
2021 under the Credit Agreement, and to terminate the
revolving commitments thereunder. The New Facilities mature
on December 17, 2027 and offer Sabre
the ability to prepay the New Facilities after December 17, 2021 or to prepay at a 101 premium
before that date. In addition, on July 2,
2021, in anticipation of the revolver repayment and
termination of the revolving commitments (and related letter of
credit subfacility), Sabre GLBL entered into a new $20 million letter of credit facility (the "LC
Facility") with Bank of America, N.A.
The New Facilities and the LC Facility are guaranteed by
Sabre Holdings Corporation and each subsidiary of Sabre GLBL that
guarantees the Credit Agreement. The New Facilities and the
guarantees thereof are 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). The LC
Facility is secured by a cash collateral deposit account held at
Bank of America, N.A.
BofA Securities, Inc., Mizuho
Bank, Ltd., Wells Fargo Securities, LLC, Deutsche Bank
Securities Inc. and Goldman Sachs Lending Partners LLC acted as
joint bookrunners and BofA Securities, Inc. acted as sole lead
arranger for the New Term B-1 Facility. BofA Securities, Inc. acted
as sole bookrunner and sole lead arranger for the New Term B-2
Facility. Bank of America is the administrative agent and the
collateral agent for the Credit Agreement.
About Sabre Corporation
Sabre Corporation is the leading technology provider to the
global travel industry. Sabre's software, data, mobile and
distribution solutions are used by hundreds of airlines and
thousands of hotel properties to manage critical operations,
including passenger and guest reservations, revenue management,
flight, network and crew management. Sabre also operates a leading
global travel marketplace, which processes more than $120
billion of estimated travel spend annually by connecting
travel buyers and suppliers. Headquartered in Southlake,
Texas, USA, Sabre operates offices
in approximately 160 countries around the world.
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 25, 2021, our
Quarterly Report on Form 10-Q filed with the SEC on May 4, 2021 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