Exhibit 99.2
Sabre Announces Successful Completion of Previously Announced Private Financing and Settlement of Cash Tender to Strengthen Balance Sheet and Improve Free Cash Flow
| | • | | Completes upsized financing from lenders led by affiliates of Centerbridge Partners, L.P. (“Centerbridge”) for $700 million new senior secured credit facility |
| | • | | Settles tender offer by purchasing for cash $670 million in principal amount of 9.250% Senior Secured Notes due 2025 |
| | • | | Transaction refinances significant portion of 2025 maturities and improves free cash flow generation via PIK interest toggle on the new senior secured credit facility |
SOUTHLAKE, Texas—June 13, 2023—Sabre Corporation (NASDAQ: SABR), a leading software and technology provider that powers the global travel industry announced today the successful completion of a $700M private financing led by Centerbridge and other high quality institutional investors, and the corresponding early tender settlement by purchasing $670 million in principal amount of the 9.250% Senior Secured Notes due 2025 in a cash tender offer. The transaction enables the company to strengthen its balance sheet by refinancing and extending a significant portion of its capital structure’s 2025 maturities and provides financial flexibility and improved free cash flow via a payment-in-kind (PIK) interest toggle through 2025.
Mike Randolfi, Chief Financial Officer of Sabre, said, “We are pleased to complete this financing that provides Sabre with additional flexibility to meet our financial objectives and continue pursuing our focus on driving innovation, enhancing Sabre’s value to our customers and aligning resources toward our growth initiatives.”
“We are pleased to be a capital partner to Sabre, helping to strengthen its balance sheet by refinancing a significant portion of its nearest-dated maturity,” said Gavin Baiera, Senior Managing Director at Centerbridge.” Simon Brookim, Managing Director at Centerbridge, added, “We are excited about this unique capital partnership in a premier global technology platform in travel.”
Perella Weinberg Partners LP acted as financial advisor and Davis Polk & Wardwell LLP and Norton Rose Fulbright LLP acted as legal counsel to Sabre on the transaction. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Allen & Overy LLP acted as legal counsel to Centerbridge.
Forward-Looking Statements
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