Sabre Corp (NASDAQ: SABR) subsidiary Sabre GLBL Inc proposed raising $535 million via a private institutional senior secured note offering.
The Secured Notes and the note guarantees will be secured, subject to permitted liens, by a first-priority security interest in substantially all present and hereafter acquired property and assets of Sabre GLBL and the guarantors.
The Secured Notes will be guaranteed by Sabre Holdings Corporation and each subsidiary that borrows under or guarantees Sabre GLBL's senior secured credit facility.
The net proceeds from the sales of the Secured Notes, along with cash on hand, will be used to repay $536 million aggregate principal debt under Sabre's Term Loan B (scheduled to mature in 2024).
Sabre held $4.72 billion in long-term debt as of September 30.
Sabre held $803.8 million in cash and equivalents.
Price Action: SABR shares closed lower by 2.31% at $5.07 on Friday.
See more from Benzinga
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.