We advised Sabre on its high-yield notes offering and related intercompany loan

Davis Polk advised Sabre Corporation in connection with the $1 billion offering of 11.125% senior secured notes due 2029 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, and certain of its existing and future foreign subsidiaries. Sabre Financial Borrower used the proceeds of the offering to make an intercompany loan to Sabre GLBL, a wholly owned subsidiary of Sabre Corporation, and those proceeds will be used, in part, to fund the exchange of certain of Sabre GLBL’s existing secured notes and the refinancing of Sabre GLBL’s existing term loan.

Sabre Corporation is a leading technology company that takes on the biggest opportunities and solves the most complex challenges in travel. Sabre harnesses speed, scale and insights to build tomorrow’s technology today – empowering airlines, hoteliers, agencies and other partners to retail, distribute and fulfill travel worldwide. Headquartered in Southlake, Texas, with employees across the world, Sabre serves customers in more than 160 countries globally.

The Davis Polk capital markets team included partner Yasin Keshvargar, counsel Joze Vranicar and associates Sean Kennelly, Sijia (Scarlett) Huang and Jenna Pedranti. The finance team included partner Scott M. Herrig, counsel Welton E. Blount and associate Lauren de Beer. Partner Corey M. Goodman and counsel Dustin Plotnick provided tax advice. All members of the Davis Polk team are based in the New York office.

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