Sabre Corporation ("Sabre") (NASDAQ: SABR) has announced the expiration and results of its previously announced exchange offers for certain senior secured debt securities. The exchange offers were made by Sabre GLBL Inc. ("Sabre GLBL"), a wholly-owned subsidiary of Sabre, to exchange its outstanding 8.625% senior secured notes due 2027 (the "June 2027 Notes"), 11.250% senior secured notes due 2027 (the "December 2027 Notes"), and up to $379 million of its 10.750% senior secured notes due 2029 (the "2029 Notes") for new 10.750% senior secured notes due 2030 (the "New Notes").
As of the expiration date, the principal amount of each series of the existing notes that was validly tendered and not validly withdrawn is as follows:
- For the 8.625% senior secured notes due 2027, a total aggregate principal amount of $240,218,000 was tendered in the exchange offer, with $240,176,000 principal amount accepted for exchange.
- For the 11.250% senior secured notes due 2027, a total aggregate principal amount of $44,264,000 was tendered in the exchange offer, with $44,256,000 principal amount accepted for exchange.
- For the 10.750% senior secured notes due 2029, a total aggregate principal amount of $676,492,000 was tendered in the exchange offer, with $378,999,000 principal amount accepted for exchange.
The total aggregate principal amount of the existing notes tendered and not withdrawn was $960,974,000, with a total of $663,431,000 principal amount accepted for exchange.
The maximum aggregate principal amount of new notes that Sabre GLBL can issue in the exchange offer for the 2029 Notes equals $379 million, which was met as of December 4, 2025 (the "Early Exchange Date").
Sabre GLBL's obligation to accept for exchange the existing notes tendered and not withdrawn following the early exchange date but on or prior to the expiration date is subject to certain conditions as described in the offering circular. The company anticipates that the 2027 notes tendered following the early exchange date but on or prior to the expiration date will be accepted for exchange on December 23, 2025 (the "Final Settlement Date").
The exchange offers were made pursuant to the terms and conditions contained in the offering circular and expired on the expiration date. No tenders of existing notes submitted after the expiration date are valid.
BofA Securities served as the sole dealer manager for the exchange offers, and Perella Weinberg Partners served as the capital markets advisor to Sabre.
This information is for informational purposes only and does not constitute an offer to buy or a solicitation of an offer to sell any of the new notes or any other securities. The market has reacted to these announcements by moving the company's shares 0.0% to a price of $1.52. For the full picture, make sure to review Sabre Corp's 8-K report.
