- Completes upsized financing from lenders led by affiliates
of Centerbridge Partners, L.P. ("Centerbridge") for $700 million new senior secured credit
facility
- Settles tender offer by purchasing for cash $670 million in principal amount of 9.250% Senior
Secured Notes due 2025
- Transaction refinances significant portion of 2025 maturities
and improves free cash flow generation via PIK interest toggle on
the new senior secured credit facility
SOUTHLAKE, Texas, June 13,
2023 /PRNewswire/ -- Sabre Corporation (NASDAQ:
SABR), a leading software and technology provider that powers the
global travel industry, announced today the successful completion
of a $700M private financing led by
Centerbridge and other high quality institutional investors, and
the corresponding early tender settlement by purchasing
$670 million in principal amount of
the 9.250% Senior Secured Notes due 2025 in a cash tender offer.
The transaction enables the company to strengthen its balance
sheet by refinancing and extending a significant portion of its
capital structure's 2025 maturities and provides financial
flexibility and improved free cash flow via a payment-in-kind (PIK)
interest toggle through 2025.
Mike Randolfi, Chief Financial
Officer of Sabre, said, "We are pleased to complete this financing
that provides Sabre with additional flexibility to meet our
financial objectives and continue pursuing our focus on driving
innovation, enhancing Sabre's value to our customers and aligning
resources toward our growth initiatives."
"We are pleased to be a capital partner to Sabre, helping to
strengthen its balance sheet by refinancing a significant portion
of its nearest-dated maturity," said Gavin
Baiera, Senior Managing Director at Centerbridge."
Simon Brookim, Managing Director at Centerbridge, added, "We are
excited about this unique capital partnership in a premier global
technology platform in travel."
Perella Weinberg Partners LP acted as financial advisor
and Davis Polk & Wardwell LLP and Norton Rose
Fulbright LLP acted as legal counsel to Sabre on the transaction.
Paul, Weiss, Rifkind, Wharton & Garrison LLP and Allen &
Overy LLP acted as legal counsel to Centerbridge.
Forward-Looking Statements
Certain statements herein are forward-looking statements about
trends, future events, uncertainties and our plans and expectations
of what may happen in the future. Any statements that are not
historical or current facts are forward-looking statements. In many
cases, you can identify forward-looking statements by terms such as
"expect," "believe," "likely," "encouraged," "resilient,"
"outlook," "goal," "opportunity," "target," "future," "trend,"
"plan," "guidance," "anticipate," "will," "forecast," "continue,"
"on track," "objective," "trajectory," "scenario", "strategy,"
"estimate," "project," "possible," "may," "should," "would,"
"intend," "potential," or the negative of these terms or other
comparable terminology. Forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause
our actual results, performance or achievements to be materially
different from any future results, performances or achievements
expressed or implied by the forward-looking statements. More
information about potential risks and uncertainties that could
materially affect our business and results of operations is
included in the "Risk Factors" and "Forward-Looking Statements"
sections in our Quarterly Report on Form 10-Q filed with the SEC
on May 4, 2023, our Annual Report on Form 10-K filed with the
SEC on February 17, 2023 and in our other filings with
the SEC, as well as other risks and uncertainties specified in the
"Certain Significant Considerations" section of the Offer to
Purchase. We cannot guarantee future events, including outlook,
guidance, results, actions, levels of activity, performance or
achievements. Readers are cautioned not to place undue reliance on
these forward-looking statements. Unless required by law, we
undertake no obligation to publicly update or revise any
forward-looking statements to reflect circumstances or events
after the date they are made.
About Sabre
Sabre Corporation is a leading software and technology company
that powers the global travel industry, serving a wide range of
travel companies including airlines, hoteliers, travel
agencies and other suppliers. The company provides retailing,
distribution and fulfilment solutions that help its customers
operate more efficiently, drive revenue and offer personalized
traveler experiences. Through its leading travel marketplace, Sabre
connects travel suppliers with buyers from around the globe.
Sabre's technology platform manages more than $260B worth
of global travel spend annually. Headquartered
in Southlake, Texas, USA, Sabre serves customers in
more than 160 countries around the world.
About Centerbridge
Centerbridge Partners, L.P. is a private investment management
firm employing a flexible approach across investment disciplines —
Private Equity, Private Credit and Real Estate — in an effort to
develop the most attractive opportunities for our investors.
The Firm was founded in 2005 and as of March
31, 2023 has approximately $36
billion in capital under management with offices in
New York and London.
Centerbridge is dedicated to partnering with world-class management
teams across targeted industry sectors and geographies. For more
information, please visit www.centerbridge.com.
SABR-F
Contacts:
Media
|
Investors
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Kristin Hays
kristin.hays@sabre.com
sabrenews@sabre.com
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Brian
Roberts
brian.roberts@sabre.com
sabre.investorrelations@sabre.com
|
|
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SOURCE Sabre Corporation