We advised Sabre on its high-yield notes offering, related intercompany loan and concurrent tender offers

Davis Polk advised Sabre Corporation in connection with the $1.35 billion offering of 9.875% senior secured notes due 2032 by its subsidiary, Sabre Financial Borrower. The notes were sold in an offering exempt from registration pursuant to Rule 144A and Regulation S and are guaranteed by Sabre Financial Borrower’s direct parent company, Sabre Financing Holdings and certain of its existing and future foreign subsidiaries. Sabre Financial Borrower used the proceeds of the offering to fund a new intercompany loan to Sabre GLBL, a wholly owned subsidiary of Sabre Corporation. Sabre GLBL used the proceeds from the new intercompany loan to prepay the existing intercompany loan between Sabre Financial Borrower and Sabre GLBL and to fund concurrent tender offers for certain of its existing senior secured notes. Sabre Financial Borrower used the prepayment proceeds to finance the redemption, repurchase, satisfaction and discharge of its 11.125% senior secured notes due 2029, including through a concurrent tender offer and consent solicitation.

Sabre is an AI-native technology leader, backed by one of the world’s largest travel data clouds. With AI at its core and operating at unparalleled scale, Sabre transforms insights into innovation, empowering airlines, hoteliers, agencies and other partners to retail, distribute and fulfill travel worldwide. Sabre is built on an open, modular, cloud-native architecture and serves as the backbone for both established leaders and bold, new disruptors, guiding them to the next age of travel retailing through intelligent, connected and personalized experiences.

The Davis Polk capital markets team included partner Yasin Keshvargar, counsel Michael Taufner and associates Gabriela N. Gura and Steven Yang. The finance team included partner Scott M. Herrig, counsel Welton E. Blount and associates Luke Zianno and Chaohao (Alex) Zheng. Partners Corey M. Goodman and Aliza Slansky provided tax advice. Members of the Davis Polk team are based in the New York and London offices.

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