Sabre Launches Debt Tender Offer Alongside $1.1 Billion Financing

The tender offer targets the entirety of the $1 billion in senior secured notes currently outstanding. To incentivize early participation, Sabre is offering a total consideration of $1,092.50 per $1,000 principal amount for holders who submit their tenders and consents by the September 25, 2026, early deadline. Those who tender after this date, but before the October 12 expiration, will receive the base tender consideration of $1,042.50.

Beyond the debt repurchase, the company is seeking investor approval for amendments to the underlying indenture. These changes aim to eliminate most restrictive covenants and specific events of default. By participating, bondholders are automatically deemed to have provided their consent to these revisions. The entire process remains contingent upon the successful settlement of a separate $1.1 billion financing transaction involving new senior secured notes due 2032. BofA Securities is acting as the dealer manager, while legal counsel for the transaction is provided by Davis Polk & Wardwell LLP for Sabre and Latham & Watkins LLP for the dealer manager.