Daily News: August 24, 2017

BofA Agents Sabre Refinancing


Sabre refinanced its term loan B credit facility, term loan A credit facility and revolving credit facility with Bank of America serving as administrative and collateral agent for its banking syndicate.

The refinancing resulted in a reduction of the interest rate for each of these items and a one-year extension of the maturity of the term loan A and revolving credit facility. Sabre incurred no additional indebtedness as a result of the refinancing.

The refinancing included a $400 million revolving credit facility that replaces the company’s existing $400 million revolving credit facility, as well as the application of the proceeds of the approximately $1.89 billion incremental term loan B facility and $570 million term loan A facility to pay down in full all $570 million of the existing incremental term loan A and approximately $1.89 billion of the existing term loan B incurred prior to August 23, 2017.

The maturity of the new revolver and the term loan A facility was extended from July 18, 2021 to July 1, 2022. The incremental term loan B facility matures on February 22, 2024.

Merrill Lynch, Pierce, Fenner & Smith, Goldman Sachs, JPMorgan Chase Bank, Mizuho Bank, Morgan Stanley MUFG Loan Partners, acting through The Bank of Tokyo-Mitsubishi UFJ, PNC Bank and Wells Fargo Securities acted as joint lead arrangers and joint bookrunners for the transactions.

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.