Sabre launches $1.1 billion secured-debt refinancing

Sabre ($SABR) launched a proposed $1.1 billion senior secured note offering through Sabre Financial Borrower. The new debt would support an intercompany refinancing and the retirement or repurchase of existing borrowings, including the subsidiary’s 11.125% secured notes due in 2029. A related tender offer and consent solicitation were announced alongside the financing.

The notes are intended to have first-priority security over specified issuer and guarantor assets, with certain foreign guarantees and collateral limited to $400 million. The precise timing, size and terms remain subject to market conditions. This is a refinancing initiative, not revenue from travel customers, and the launch does not establish final pricing, successful placement or a quantified reduction in future interest expense.

Sources:

• Sabre — proposed secured-note offering
• Sabre — tender offer and consent solicitation