Cleary Gottlieb represented Sabre Corporation (Sabre) in an amendment to the financial performance covenant under the company’s credit facilities, the incurrence of a new $404 million term loan B-1 facility, and the incurrence of a new $644 million term loan B-2 facility.
The proceeds of the transaction were used to prepay its $400 million revolving credit facility, and to terminate the revolving commitments thereunder, and approximately $638 million of term loan B facility. The refinancing has meaningfully improved Sabre’s debt maturity profile and the financial performance covenant amendment has improved its operational flexibility by removing the minimum liquidity requirement, the total net leverage ratio maintenance requirement, and certain other limitations.
The transactions closed on July 12, 2021.
Sabre is the leading technology provider to the global travel industry. Its 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. Sabre also operates a leading global travel marketplace, which processes more than $120 billion of estimated travel spend annually by connecting travel buyers and suppliers. Headquartered in Southlake, Texas, Sabre operates offices in approximately 160 countries around the world.