Sabre Corporation has just announced the refinancing of its Term Loan B credit facility, Term Loan A credit facility and revolving credit facility.
This will resuly in a reduction of the interest rate for each of these items and a one-year extension of the maturity of the Term Loan A and revolving credit facility. Sabre incurred no additional indebtedness as a result of the refinancing.
The refinancing included a $400 million revolving credit facility that replaces the company’s existing $400 million revolving credit facility, as well as the application of the proceeds of the approximately $1.89 billion incremental Term Loan B facility (“Incremental Term Loan B Facility”) and $570 million Term Loan A facility (“Term Loan A Facility”) to pay down in full all $570 million of the existing Incremental Term Loan A and approximately $1.89 billion of the existing Term Loan B incurred prior to August 23, 2017 under the Company’s existing senior secured term loan credit facility. The maturity of the New Revolver and the Term Loan A Facility was extended from July 18, 2021 to July 1, 2022. The Incremental Term Loan B Facility matures on February 22, 2024.
Merrill Lynch, Pierce, Fenner & Smith Incorporated (together with its designated affiliates), Goldman Sachs Bank USA, JP Morgan Chase Bank, N.A., Mizuho Bank, Ltd., Morgan Stanley MUFG Loan Partners, LLC, acting through The Bank of Tokyo-Mitsubishi UFJ, Ltd., a member of MUFG, a global financial group and Morgan Stanley Senior Funding, Inc., PNC Bank, National Association and Wells Fargo Securities, LLC acted as joint lead arrangers and joint bookrunners for the transactions. Bank of America, N.A. is the administrative agent and collateral agent for the Credit Facility under which the Incremental Term Loan B Facility, New Revolver and the Term Loan A Facility were extended and borrowed.