Southlake, Texas – September 18, 2026 -- Sabre Corporation's wholly owned subsidiary, Sabre Financial Borrower, LLC, priced an upsized private offering of $1.35 billion in 9.875% Senior Secured Notes due 2032, increased from an initial $1.1 billion target. The Nasdaq-listed travel technology firm (SABR) expects the transaction to close on September 28, 2026.
Notes carry 9.875% coupon and mature in October 2032
The Secured Notes will pay interest semi-annually and mature on October 15, 2032. They are fully and unconditionally guaranteed on a joint and several secured basis by Sabre Financing Holdings LLC, Sabre Financial's direct parent, along with certain existing and future foreign subsidiaries, with foreign guarantees capped at an aggregate $400 million. Collateral includes a first-priority security interest in substantially all assets of Sabre Financial and Sabre Financing, plus a pledge of loan receivables under a newly created intercompany loan and equity interests in Sabre Financial.
Proceeds will refinance existing debt through a new intercompany loan structure
Sabre Financial will channel gross proceeds into a new intercompany loan to Sabre GLBL Inc. Sabre GLBL will use part of that loan to prepay its existing intercompany loan with Sabre Financial at 100% of outstanding principal, plus a customary make-whole premium and accrued interest. Remaining funds will be used to prepay, redeem or repurchase existing indebtedness, including through Sabre Financial's concurrently announced tender offer and consent solicitation for its existing 11.125% senior secured notes due 2029.
Sabre GLBL launches parallel tender offers capped at $250 million
Tied to the upsized offering, Sabre GLBL intends to launch tender offers for certain existing senior secured notes, subject to a maximum aggregate purchase price of $250 million excluding accrued interest, an amount the company may adjust at its discretion.
Offering restricted to qualified institutional and non-U.S. investors
The Secured Notes and related guarantees were offered privately under Rule 144A and Regulation S exemptions to the Securities Act of 1933. They have not been registered under the Securities Act or any state securities laws and cannot be offered or sold in the United States absent registration or an applicable exemption.