Today, Sabre Corporation, along with its subsidiaries Sabre Holdings Corporation and Sabre GLBL Inc., unveiled a groundbreaking financial strategy aimed at refinancing its debt. They entered into exchange agreements with certain institutional investors to swap $150 million worth of existing 4.000% exchangeable senior notes due 2025 for new notes due in 2026, coupled with a $32.6 million cash premium. This exchange, slated for completion by March 19, 2024, marks a significant financial maneuver within the tech-driven travel industry, further cementing Sabre’s commitment to securing its financial future.
Details of the Exchange Agreement
Under the terms of the exchange, Sabre GLBL will trade $150 million of its existing 2025 notes for an equal amount of new 2026 exchangeable senior notes, adding a cash sum that exceeds the par value and accrued interest of the old notes. This transaction will reduce the outstanding amount…