Sabre $1.325 billion notes offering and concurrent cash tender offer
We advised Sabre on its high-yield notes offering and on a debt tender offer
Davis Polk advised Sabre Corporation in connection with the $1.325 billion offering of 11.125% senior secured notes due 2030 by its subsidiary Sabre GLBL Inc. The notes were sold in an offering exempt from registration pursuant to Rule 144A and Regulation S and are guaranteed by certain subsidiaries of Sabre GLBL.
Davis Polk is also advising Sabre in connection with Sabre GLBL’s cash tender offer for $325 million of its outstanding senior secured notes.
The proceeds from the notes offering were used to prepay a senior secured term loan and to fund the cash tender offer.
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 Frank (Xinggang) Zhang, Jenny (Jingjing) Li and Sijia (Scarlett) Huang. The finance team included partner Scott M. Herrig, counsel Mayer J. Steinman and associate Lauren de Beer. Partner Corey M. Goodman and associate Dmitry Dobrovolskiy provided tax advice. All members of the Davis Polk team are based in the New York office.