Sabre $150 million private placement of exchangeable notes

Davis Polk advised Sabre Corporation in connection with the issuance of $150 million aggregate principal amount of 7.00% exchangeable senior notes due 2031 in a private placement. A portion of the net proceeds from the placement was used to fund the repurchase of $100 million in the aggregate principal amount of existing outstanding 7.32% exchangeable senior notes due 2026 and accrued interest.

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 Joze Vranicar and associate Sean Kennelly. The equity derivatives team included partner Mark J. DiFiore, counsel Katharine O’Banion and associates Danielle Forni and Melissa X. Estrada. The tax team included partner Corey M. Goodman and associates Dmitry Dobrovolskiy and Zoey Chau. All members of the Davis Polk team are based in the New York office.