On the Settlement Date, Sabre GLBL issued approximately $853 million in New Notes and paid approximately $115 million in cash to Eligible Holders (as defined below) whose Existing Notes were accepted for exchange in the Exchange Offers. Holders whose Existing Notes were accepted for exchange also received a cash payment representing interest that has accrued from the most recent interest payment date in respect of the relevant series of Existing Notes up to, but not including, the Settlement Date.
The transaction strengthens Sabre's balance sheet by refinancing more than 89% of its consolidated 2025 debt maturities (excluding its account receivables facility and outstanding senior exchangeable notes).
"We are extremely pleased that this transaction, along with the recently completed cash tender offer, have successfully reduced our 2025 maturities by over $1.5 billion. We believe this will provide us meaningful flexibility as we continue to focus on executing our growth strategies and delivering on our priorities," said Mike Randolfi, Executive Vice President and CFO of Sabre.
The New Notes will mature on June 1, 2027 and will bear interest at a rate per annum equal to 8.625%. The New Notes will first be redeemable, at Sabre GLBL's option, starting on March 1, 2025, at 104.313% of their outstanding principal amount, plus accrued interest, and under certain other circumstances.
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