Sabre upsizes refinancing and prices $1.35 billion of secured notes

Sabre ($SABR) increased its planned secured-note offering to $1.35 billion from $1.1 billion and priced the debt at a 9.875% coupon, with maturity in 2032. The notes will be issued by an indirect subsidiary, with settlement expected subject to customary closing conditions. This is a substantive pricing and size update to the previously announced financing.

Proceeds will fund an intercompany loan and support repayment or repurchase of existing debt, including 11.125% secured notes due in 2029. Sabre also intends to launch additional tenders with a maximum purchase price of $250 million, excluding accrued interest. The package reshapes existing liabilities rather than representing new operating revenue. The lower coupon on the new notes does not by itself quantify total interest savings, given premiums, fees and the increased issue size.

Sources:

• Sabre — upsized senior secured notes pricing