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Bank of America Agents Refinance for Sabre Corporation’s Term B Loans

March 10, 2022, 07:27 AM
Filed Under: Technology

Sabre Corporation refinanced a portion of its existing indebtedness. Sabre incurred no additional indebtedness as a result of the refinancing above the refinanced amount, other than amounts covering certain interest, fees and expenses. The refinancing has meaningfully improved Sabre's debt maturity profile.

BofA Securities, Citibank, Goldman Sachs Bank USA, Mizuho Bank, MUFG Bank and Wells Fargo Securities acted as joint bookrunners and BofA Securities acted as sole lead arranger.  Bank of America is the administrative agent and the collateral agent for the Credit Agreement.

The refinancing included the application of the proceeds of a new $625 million term loan "B" facility (the "New Facility"), borrowed by its wholly-owned subsidiary Sabre GLBL Inc. under its existing senior secured credit agreement, with the effect of extending the maturity of approximately $623 million of the existing Term Loan B credit facility incurred prior to March 9, 2022 under the Credit Agreement.  The New Facility matures on June 30, 2028 and offers Sabre the ability to prepay or repay the New Facility after 12 months or to prepay or repay at a 101 premium before that date. The interest rates on the New Facility will be based on Term SOFR, replacing LIBOR, plus an applicable margin.

The New Facility is guaranteed by Sabre Holdings Corporation and each subsidiary of Sabre GLBL that guarantees the Credit Agreement. The New Facility and the guarantees thereof are secured, subject to permitted liens, by a first-priority security interest in the same collateral that secures Sabre GLBL's other senior secured indebtedness, which is substantially all present and hereafter acquired property and assets of Sabre GLBL and the guarantors (other than certain excluded assets).

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