Sabre Corporation commenced a refinancing plan to manage and extend the maturity profile of its debt. As part of the plan, Sabre GLBL, a wholly-owned subsidiary of Sabre, entered into a commitment letter with lenders led by affiliates of Centerbridge Partners for a $665 million senior secured credit facility to Sabre Financial Borrower LLC, a newly created, wholly-owned subsidiary of Sabre GLBL. The new facility will be secured by an intercompany loan by Sabre Financial Borrower LLC to Sabre GLBL and will receive direct guarantees from, and security interest in assets of, certain foreign subsidiaries of Sabre.
Concurrently with the financing, Sabre GLBL commenced tender offers to purchase for cash up to a principal amount of its securities that would result in an aggregate purchase price that would not exceed $615 million.
Perella Weinberg Partners is serving as financial advisor and Davis Polk & Wardwell is serving as legal counsel to Sabre on this transaction. Mayer Brown is serving as legal counsel to Perella Weinberg Partners.
