SABRE CORPORATION (NASDAQ:SABR) Files An 8-K Entry into a Material Definitive Agreement
Item1.01
| Entry into a Material Definitive Agreement. |
Term Facility Amendment to Sabre Credit Agreement
On February22, 2017, Sabre GLBL Inc. (the Borrower), a
wholly-owned subsidiary of Sabre Corporation (Sabre, the
Corporation, we, us, or our), Sabre Holdings Corporation
(Holdings) and the several guarantors thereunder entered into the
Term Facility Amendment (as defined below), dated February22,
2017, to the Borrowers senior secured credit facilities. The Term
Facility Amendment was entered into to that certain Amended and
Restated Credit Agreement, dated as of February19, 2013 (as
further amended on September30, 2013,February20, 2014, and
July18, 2016, the Credit Agreement), by and among the Borrower,
Holdings, the lenders party thereto, the other parties thereto
and Bank of America, N.A., as administrative agent (the
Administrative Agent).
The Third Incremental Term Facility Amendment to the Credit
Agreement among the Borrower, Holdings, each of the other Loan
Parties party thereto, the Administrative Agent, the 2017
Incremental Term Lenders (as defined therein) party thereto and
each other Lender party thereto (the Term Facility Amendment) was
entered into to provide additional dollar-denominated Term Loan B
tranche of term loans in an aggregate principal amount of $1.9
billion (the Term Loan B), maturing on February22, 2024 and to
amend certain provisions of the Credit Agreement. to the Term
Facility Amendment, interest rates for the Term Loan B tranche
are calculated in accordance with the Credit Agreement, with the
applicable interest rate margins equal to (i)2.75%per annum for
Eurocurrency rate loans and 1.75%per annum for base rate loans,
in each case if the Senior Secured First-Lien Net Leverage Ratio
is greater than 2.5 to 1.0 and (ii)2.50%per annum for
Eurocurrency rate loans and 1.50%per annum for base rate loans,
in each case if the Senior Secured First-Lien Net Leverage Ratio
is less than or equal to 2.5 to 1.0. The proceeds of the Term
Loan B were used to pay off approximately $1.75 billion of all
existing classes of outstanding term loans (other than
Incremental Term A Loans) incurred prior to February22, 2017
under the Credit Agreement and will be used for purposes of
repaying approximately $80 million of Sabres outstanding mortgage
on its corporate headquarters, and for other general corporate
purposes.
The foregoing description of the Term Facility Amendment is not
intended to be complete and is qualified in its entirety by
reference to the full text of the Term Facility Amendment, which
is incorporated herein by reference to Exhibit 10.1 to this
Current Report on Form 8-K.
| Item2.03 |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The disclosure set forth under Item1.01 above is incorporated
herein by reference.
| Item8.01 | Other Events. |
Press Release
On February22, 2017, Sabre issued a press release announcing the
Borrowers entry into the Term Facility Amendment. A copy of this
press release is filed as Exhibit 99.1 and incorporated by
reference.
| Item9.01 | Financial Statements and Exhibits. |
(d) Exhibits
|
Exhibit Number |
Description |
|
| 10.1 |
Third Incremental Term Facility Amendment to Amended and Restated Credit Agreement, dated February22, 2017, among Sabre GLBL Inc., Sabre Holdings Corporation, each of the other Loan Parties party thereto, Bank of America, N.A., as Administrative Agent, the 2017 Incremental Term Lenders party thereto and each other Lender party thereto. |
|
| 99.1 |
Press release issued by Sabre Corporation on February22, 2017. |
About SABRE CORPORATION (NASDAQ:SABR)
Sabre Corporation is a technology solutions provider to the global travel and tourism industry. The Company’s software, data, mobile and distribution solutions are used by hundreds of airlines and thousands of hotel properties to manage critical operations, including passenger and guest reservations, revenue management, flight, network and crew management. The Company operates in two segments: Sabre Travel Network, and Sabre Airline and Hospitality Solutions. The Sabre Travel Network segment is the Company’s global business-to-business travel marketplace for travel suppliers and travel buyers. The Sabre Airline and Hospitality Solutions segment offers a suite of software solutions primarily for airlines and hotel properties. The Company connects the travel suppliers, including airlines, hotels, car rental brands, rail carriers, cruise lines and tour operators, with travel buyers in a travel marketplace. The Company does business in approximately 160 countries around the world. SABRE CORPORATION (NASDAQ:SABR) Recent Trading Information
SABRE CORPORATION (NASDAQ:SABR) closed its last trading session up +0.04 at 21.79 with 3,255,210 shares trading hands.
