Sabre Corporation Announces Additional Cash Tender Offers by Sabre GLBL Inc. for Existing Secured Debt

Sabre GLBL launches conditional cash tenders for selected high‑coupon secured notes, capped at $250 million and funded by new 2032 debt.

Rhea-AI Summary

Sabre Corporation (SABR) announced additional cash tender offers by subsidiary Sabre GLBL to repurchase up to $250 million aggregate principal amount of certain senior secured notes. The offers cover 10.750% notes due 2029 ($445.7 million outstanding), 10.750% notes due 2030 ($469.8 million), and 11.125% notes due 2030 ($1.325 billion), with purchase prices of $992.50, $980.00 and $975.00 per $1,000, respectively, plus accrued interest.

The tender offers expire at 5:00 p.m. New York City time on September 24, 2026, with settlement expected on September 28, 2026. Acceptance will follow stated priority levels, subject to the $250 million aggregate cap, proration and other conditions. The offers are conditioned on consummation of a separate $1.35 billion 9.875% senior secured notes due 2032 financing transaction by Sabre Financial Borrower, LLC, which is expected to fund purchases and related interest.

Positive

• Sabre GLBL launches cash tender offers for up to $250 million of secured notes
• Repurchase prices below par, from $975 to $992.50 per $1,000 principal amount
• New $1.35 billion 9.875% senior secured notes due 2032 expected to fund tender costs
• Offers include three large note series totaling about $2.24 billion principal outstanding

Negative

• Aggregate tender cap of $250 million is below the $2.24 billion notes outstanding
• Tender offers are conditioned on consummation of the $1.35 billion financing transaction
• Purchase prices are below par, so holders tendering receive less than $1,000 per $1,000 principal

News Explained

Sabre GLBL has commenced cash tender offers for existing secured debt, but the stated $250 million purchase limit may be increased or decreased at its discretion; actual repurchases remain subject to tender acceptance, proration, financing and other conditions.

Market Context

On Sep 14, a separate $1.1 billion senior secured notes financing was reported with a debt tender; t...

Analysis

On Sep 14, a separate $1.1 billion senior secured notes financing was reported with a debt tender; the current offer cited a $1.35 billion financing, documenting a larger financing amount in the same refinancing sequence.

Key Figures

Aggregate maximum tender amount: $250,000,000 2029 notes purchase price: $992.50 per $1,000 principal amount 2030 notes purchase price: $980.00 per $1,000 principal amount +4 more

Aggregate maximum tender amount

$250,000,000

Maximum aggregate purchase price, subject to adjustment

2029 notes purchase price

$992.50 per $1,000 principal amount

10.750% Senior Secured Notes due 2029

2030 notes purchase price

$980.00 per $1,000 principal amount

10.750% Senior Secured Notes due 2030

2030 notes purchase price

$975.00 per $1,000 principal amount

11.125% Senior Secured Notes due 2030

Financing transaction

$1.35 billion

9.875% Senior Secured Notes due 2032

Tender expiration

September 24, 2026 at 5:00 p.m. New York City time

Expiration date unless earlier terminated or extended

Expected settlement date

September 28, 2026

Expected settlement for accepted securities

Historical Context

2 past events · Latest: Sep 14

2 events

1. Sep 14

   debt tender offer

   24h Move

   +0.2%

   Sabre subsidiary launched a tender and consent solicitation for 2029 secured notes.

2. Sep 14

   secured notes offering

   24h Move

   +0.2%

   Sabre subsidiary announced planned $1.1 billion senior secured notes financing for debt repayment.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

tender offers, aggregate maximum tender amount, proration, senior secured notes

4 terms

tender offers financial

"today announced commencement of additional tender offers"

A tender offer is a proposal by one company or individual to buy shares from existing owners of a company at a specified price within a certain time frame. It matters to investors because it can lead to changes in company ownership or control, potentially affecting the value of their investments. Essentially, it’s a way for someone to try to purchase a large portion of a company’s stock directly from shareholders.

aggregate maximum tender amount financial

"the "Aggregate Maximum Tender Amount""

The aggregate maximum tender amount is the total dollar value or number of shares a buyer sets as the upper limit for a tender offer — essentially the biggest “bucket” of stock or cash the buyer is willing to accept. It matters to investors because it determines whether all shareholders who want to sell will be able to do so; if more shares are offered than that limit, the buyer will accept only part of each seller’s offer, meaning some shareholders may have only a portion of their sale executed.

proration financial

"subject to the Aggregate Maximum Tender Amount, proration"

Proration is the method of dividing a limited quantity—such as shares in an offering, dividends, or rights—among claimants when demand exceeds supply, so each participant receives a proportional slice rather than the full amount requested. It matters to investors because proration determines how many shares or what portion of a payout they actually receive, which affects portfolio size, cash needs, and the expected return; think of it as splitting a pie fairly when more people want a piece than there are slices.

senior secured notes financial

"10.750% Senior Secured Notes due 2029"

Senior secured notes are loans a company sells to investors that are backed by specific assets and given first priority for repayment if the company defaults. Because they have a claim on collateral and are paid before other debts, they usually offer lower risk and correspondingly lower interest than unsecured debt; investors use them to judge how safe repayment and recovery of principal might be, like holding a mortgage instead of an unsecured credit card balance.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SOUTHLAKE, Texas, Sept. 15, 2026 /PRNewswire/ -- Sabre Corporation ("Sabre") (Nasdaq: SABR) today announced commencement of additional tender offers (the "Tender Offers") by its wholly-owned subsidiary Sabre GLBL Inc. ("Sabre GLBL") to purchase for cash, upon the terms and subject to the conditions described in the Offer to Purchase (as defined below), up to a principal amount of its securities set forth in the table below (collectively, the "Securities") that would not result in the Aggregate Purchase Price (as defined below) exceeding $250,000,000 (subject to increase or decrease by Sabre GLBL in its sole discretion, the "Aggregate Maximum Tender Amount"). The following table sets forth certain terms of the Tender Offers:

Title of Security	CUSIP Number /ISIN	Principal Amount Outstanding	Acceptance Priority Level	Purchase Price (1)
10.750% Senior Secured Notes due 2029	78573NAL6 U86043AJ2 US78573NAL64 USU86043AJ26	$445,715,000	1	$              992.50
10.750% Senior Secured Notes due 2030	78573NAN2 U86043AL7 US78573NAN21 USU86043AL71	$469,802,000	2	$              980.00
11.125% Senior Secured  Notes due 2030	78573NAM4 U86043AK9 US78573NAM48 USU86043AK98	$1,325,000,000	3	$              975.00

___________
(1)	Dollars per $1,000 principal amount of Securities validly tendered and accepted for purchase and excludes accrued interest which will be paid on Securities accepted for purchase.

The Tender Offers will expire at 5:00 p.m., New York City time, on September 24, 2026 (such date and time, as it may be extended, the "Expiration Date"), unless earlier terminated.  Holders of Securities (the "Holders") must validly tender their Securities at or prior to 5:00 p.m., New York City time, on September 24, 2026 to be eligible to receive the Purchase Price (as defined below) for such Securities. Holders whose Securities are accepted for purchase will also receive accrued and unpaid interest up to, but not including, the settlement date which is expected to be September 28, 2026. Tendered Securities may be withdrawn from the Tender Offers at or prior to, but not after, 5:00 p.m., New York City time, on September 24, 2026.

The "Purchase Price" for each $1,000 principal amount of Securities of a series validly tendered at or prior to the Expiration Date and accepted for purchase will be the applicable price for such series set forth in the table above under "Purchase Price".

Subject to the Acceptance Priority Levels, the Aggregate Maximum Tender Amount, proration and all conditions to the Tender Offers having been satisfied or waived by us, all Securities validly tendered before the Expiration Date having a higher Acceptance Priority Level will be accepted for purchase before any Securities tendered before the Expiration Date having a lower Acceptance Priority Level, with such tenders being subject to the Aggregate Maximum Tender Amount, proration and conditions to the Tender Offers.

If there are sufficient remaining funds to purchase some, but not all, of the Securities of any series, the amount of Securities purchased in that series may be subject to proration. In the event proration is required with respect to a series of Securities, the Company will multiply the principal amount of each valid tender of such series of Securities by the applicable proration factor and round the resulting amount down to the nearest integral multiple of $1,000, in order to determine the principal amount of such tender that will be accepted pursuant to the applicable Tender Offer. The excess principal amount of Securities not accepted from the tendering Holders will be promptly returned to such Holders, and if this excess principal amount of Securities is less than $1,000, the Company may either accept or reject all such tendering Holders' validly tendered Securities in its sole discretion.

On September 15, 2026, Sabre Financial Borrower, LLC ("Sabre Financial"), an indirect wholly owned subsidiary of Sabre GLBL, announced the pricing of an upsized offering of $1.35 billion aggregate principal amount of 9.875% Senior Secured Notes due 2032 (the "Financing Transaction"), which is expected to be sufficient to fund the Aggregate Purchase Price and accrued interest for all Securities accepted for purchase by Sabre GLBL in connection with the Tender Offers, subject to the terms and conditions of the Tender Offers, and the offers announced on September 14, 2026 relating to the 11.125% Senior Secured Notes due 2029.  The Tender Offers are subject to the satisfaction or waiver of the conditions described in the Offer to Purchase, including the consummation of the Financing Transaction, which may be waived by Sabre GLBL in its sole discretion, subject to applicable law.

This announcement does not contain the full terms and conditions of the Tender Offers, which are contained in the offers to purchase for cash, dated September 15, 2026 (as they may be amended or supplemented, collectively, the "Offer to Purchase"). Sabre GLBL refers investors to the Offer to Purchase for the complete terms and conditions of the Tender Offers.

Following the completion of the Tender Offers, Sabre GLBL or its affiliates may purchase additional Securities in the open market, in privately negotiated transactions, through tender or exchange offers, or otherwise, or Sabre GLBL may redeem Securities that Sabre GLBL is permitted to redeem pursuant to their terms. Sabre GLBL is not obligated to redeem any Securities that are not tendered and accepted in the Tender Offers.

Davis Polk & Wardwell LLP is serving as legal counsel to Sabre. Latham & Watkins LLP is serving as legal counsel to BofA Securities.

Information Relating to the Tender Offers

The Offer to Purchase for all of the Securities is being distributed to Holders beginning today. BofA Securities is the Dealer Manager for the Tender Offers. Investors with questions regarding the Tender Offers may contact BofA Securities, collect: (980) 388-3646, toll-free: (888) 292-0070, email: debt_advisory@bofa.com. D.F. King & Co., Inc. is the tender and information agent for the Tender Offers. Copies of the Offer to Purchase and any related offer documents may be obtained by contacting D.F. King & Co., Inc. by phone at (646) 455-1060 (New York) or (866) 356-7814 (toll-free) or by email at sabre@dfking.com. Copies of the Offer to Purchase are available at: www.dfking.com/sabre.

None of Sabre GLBL, Sabre, their affiliates, their respective boards of directors and stockholders, the Dealer Manager, the Tender Agent or Computershare Trust Company, N.A., as trustee for the Securities, are making any recommendation as to whether Holders should tender any Securities in response to the Tender Offers. Holders must make their own decision as to whether to tender any of their Securities, and, if so, the principal amount of Securities to tender.

This press release is for informational purposes only and is not an offer to buy or a solicitation of an offer to sell any of the Securities, and the Tender Offers do not constitute offers to buy or the solicitation of offers to sell Securities in any jurisdiction or in any circumstances in which such offers are unlawful. The full details of the Tender Offers, including complete instructions on how to tender Securities, are included in the Offer to Purchase. Holders are strongly encouraged to read carefully the Offer to Purchase because it will contain important information.

Forward-Looking Statements

Certain statements herein are forward-looking statements about trends, future events, uncertainties and our plans and expectations of what may happen in the future. Any statements that are not historical or current facts are forward-looking statements. In many cases, you can identify forward-looking statements by terms such as "expect," "guidance," "outlook," "trend," "pro forma," "on course," "on track," "target," "potential," "benefit," "goal," "believe," "plan," "confident," "anticipate," "indicate," "trend," "position," "optimistic," "will," "forecast," "continue," "strategy," "estimate," "project," "may," "should," "would," "intend," or the negative of these terms, where applicable, or other comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. More information about potential risks and uncertainties that could materially affect our business and results of operations is included in the "Risk Factors" and "Forward-Looking Statements" sections in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the SEC on August 6, 2026, our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 18, 2025 and in our other filings with the SEC, as well as other risks and uncertainties specified in the "Certain Significant Considerations" section of the Offer to Purchase. We cannot guarantee future events, including funding of the Financing Transaction and successful completion of the Tender Offers, outlook, guidance, results, actions, levels of activity, performance or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. Unless required by law, we undertake no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made.

About Sabre

Powering the agentic revolution in travel. Sabre is an AI-native technology leader, backed by one of the world's largest travel data clouds. With AI at its core and operating at unparalleled scale, Sabre transforms insights into innovation, empowering airlines, hoteliers, agencies and other partners to retail, distribute and fulfill travel worldwide. Sabre is built on an open, modular, cloud-native architecture and serves as the backbone for both established leaders and bold, new disruptors, guiding them to the next age of travel retailing through intelligent, connected, and personalized experiences.  

SABR-F

Contacts:

Media	Investors
Cassidy Smith-Broyles Cassidy.Smith-Broyles@sabre.com sabrenews@sabre.com	Roushan Zenooz Roushan.Zenooz@sabre.com sabre.investorrelations@sabre.com

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SOURCE Sabre Corporation

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Which specific note series are included in Sabre GLBL’s tender offers?

The tender offers cover three Sabre GLBL senior secured note series: 10.750% notes due 2029 with $445,715,000 outstanding, 10.750% notes due 2030 with $469,802,000 outstanding, and 11.125% notes due 2030 with $1,325,000,000 outstanding.

How does the acceptance priority and proration mechanism work?

Notes validly tendered before the expiration date are accepted in order of their Acceptance Priority Level, with level 1 notes purchased before levels 2 and 3, subject to the $250 million aggregate cap and other conditions. If remaining funds are insufficient to buy all tenders of a series, each tender is multiplied by a proration factor and rounded down to the nearest $1,000 principal; any excess is returned, and if that excess is under $1,000, Sabre GLBL may accept or reject it in its discretion.

What are the key dates for the tender offers?

The tender offers expire at 5:00 p.m., New York City time, on September 24, 2026, unless extended or terminated earlier. The settlement date for notes accepted for purchase is expected to be September 28, 2026. Notes may be withdrawn at or prior to 5:00 p.m., New York City time, on September 24, 2026, but not after that time.

What interest payments will tendering holders receive?

Holders whose notes are accepted for purchase will receive the applicable cash Purchase Price per $1,000 principal amount, plus accrued and unpaid interest from the last interest payment date up to, but not including, the settlement date.

What financing is linked to these tender offers?

On September 15, 2026, Sabre Financial Borrower, LLC priced an upsized offering of $1.35 billion aggregate principal amount of 9.875% Senior Secured Notes due 2032. The company expects this financing transaction to be sufficient to fund the aggregate purchase price and accrued interest for all notes accepted in these tender offers and in related offers announced on September 14, 2026, subject to applicable terms and conditions.

Are the tender offers guaranteed to be completed?

No. The tender offers are subject to conditions described in the Offer to Purchase, including consummation of the $1.35 billion financing transaction, although these conditions may be waived by Sabre GLBL in its sole discretion, subject to applicable law.

How can investors obtain the Offer to Purchase and get assistance?

The Offer to Purchase is being distributed to holders and is available from D.F. King & Co., Inc., the tender and information agent, by phone at (646) 455-1060 (New York) or (866) 356-7814 (toll-free), by email at sabre@dfking.com, or via www.dfking.com/sabre. BofA Securities is the dealer manager and can be contacted at (980) 388-3646 (collect), (888) 292-0070 (toll-free), or debt_advisory@bofa.com for questions.