Sabre Corporation has issued a new 10‑year senior secured notes offering through its wholly‑owned subsidiary Sabre GLBL Inc. The offering will raise a minimum of $300 million in 10.750% notes due March 15, 2030. Holders of the company’s 8.625% and 11.250% senior secured notes due 2027, as well as up to $379 million of its 10.750% senior secured notes due 2029, can tender their securities for the new notes. Each $1,000 principal amount of existing notes will be replaced with a $1,000 principal amount of the new notes, plus an early exchange premium of $680 in cash and $320 in new notes.
The primary objective of the offering is to extend the maturity of Sabre’s debt to 2030, thereby reducing refinancing risk and improving the company’s balance‑sheet structure. By exchanging older notes for longer‑dated debt, Sabre gains additional flexibility to fund technology investments and growth initiatives while maintaining a more favorable leverage profile.
Sabre’s recent financial performance provides context for the refinancing move. In Q3 2025 the company reported a net income of $849 million, a sharp turnaround from a $63 million loss in Q3 2024, and adjusted EBITDA of $150 million, up 25% year‑over‑year. The sale of its Hospitality Solutions division in 2025 freed capital and helped lift profitability, but analysts remain concerned about a decline in IT Solutions revenue and rising SG&A expenses. The strong earnings position gives Sabre confidence to refinance at attractive terms.
Market reaction to the debt offering has been muted, with the company’s shares trading near a 12‑month low. Investors have expressed caution amid concerns about declining IT Solutions revenue and rising operating costs. Some analysts have downgraded the stock, citing valuation pressures and the company’s need to manage debt in a volatile environment. The offering signals management’s confidence in the company’s financial health while acknowledging the need to shore up its capital structure.
Strategically, extending debt maturity aligns with Sabre’s focus on AI‑driven solutions and agentic APIs. The company is investing heavily in technology to support its core Travel Solutions business, and the extended maturity provides a stable funding base for these initiatives. The sale of Hospitality Solutions earlier in the year also freed resources that can now be directed toward technology development.
Sabre has a history of proactively managing its debt profile. In November 2024 the company announced an exchange offer that extended maturities from 2027 to 2029, and in March 2024 it exchanged notes due 2025 for notes due 2027. The current offering continues this pattern of extending maturities to create a more predictable debt schedule and reduce refinancing risk.
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