Sabre Corp Announces $1.35 Billion Upsized Offering of Senior Secured Notes

Sabre Corporation announced on September 14, 2026, an offering by its wholly-owned subsidiary, Sabre Financial Borrower, LLC, of senior secured notes. The initial announcement indicated an offering of $1.1 billion in aggregate principal amount.

On September 15, 2026, Sabre announced that the offering had been upsized to $1.35 billion, an increase of $250 million over the previously announced amount. The notes are due in 2032.

The notes are being offered in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States under Regulation S. The notes and related guarantees are not being registered under the Securities Act.

The notes are fully and unconditionally guaranteed by Sabre Financing Holdings LLC and certain of Sabre’s existing and future foreign subsidiaries. The guarantees by the foreign subsidiaries are limited to an amount of up to $400 million.

According to the filing, the notes will be secured by a first priority security interest in substantially all present and hereafter acquired property and assets of Sabre Financial and Sabre Financing. The collateral also includes a pledge of loan receivables due to Sabre Financial under a New Intercompany Loan and equity interests in Sabre Financial held by Sabre Financing.

Sabre Financial intends to use the gross proceeds from the sale of the notes to fund a New Intercompany Loan to Sabre GLBL, Inc. Sabre GLBL plans to use the proceeds from this loan to prepay an existing intercompany loan between Sabre Financial and Sabre GLBL at 100% of the outstanding principal amount, plus a customary make-whole premium and accrued interest.

Sabre Financial also intends to use the proceeds from the prepayment to redeem, repurchase, or tender certain of its existing indebtedness, including its outstanding 11.125% Senior Secured Notes due 2029, through a concurrent tender offer and consent solicitation.

Sabre GLBL also announced on September 15, 2026, the commencement of additional tender offers to purchase for cash certain of its outstanding 10.750% Senior Secured Notes due 2029, 10.750% Senior Secured Notes due 2030, and 11.125% Senior Secured Notes due 2030.

The company included standard forward-looking statements regarding the risks that the offering, tender offers, and consent solicitation may not be consummated on the proposed terms or at all.