Recent Updates — SABR
Sabre reported third-quarter revenue of $738 million, a 3% increase from the prior year period. Operating income rose 17% to $109 million, while Normalized Adjusted EBITDA grew 13% to $170 million. The company posted a net loss attributable to common stockholders of $25 million, driven by higher interest expenses and a decrease in income from discontinued operations following the sale of its Hospitality Solutions business. Sabre raised its full-year 2026 Pro Forma Adjusted EBITDA guidance to approximately $610 million and reaffirmed low-to-mid-single-digit growth expectations for revenue and air marketplace bookings. The firm also completed a debt refinancing at a lower interest rate, extending maturities to 2032 with no large maturities until the third quarter of 2029. Sabre operates in the travel technology industry, providing software solutions for airlines, hotels, and travel agencies.
Sabre Financial Borrower, LLC settled its previously announced cash tender offer for the outstanding 11.125% Senior Secured Notes due 2029. The company purchased approximately 93.16% of the outstanding notes, representing $931,583,000 in aggregate principal amount. Subsequently, Sabre Financial redeemed the remaining $68,417,000 in notes at a price of 109.250% plus accrued interest. This transaction effectively retires the entire outstanding balance of the 2029 Senior Secured Notes. Sabre Corporation operates in the technology industry, providing software and services for the travel and tourism sector.
Sabre Corp issued $1.35 billion in 9.875% Senior Secured Notes due October 2032 via an SPV subsidiary, with proceeds used to refinance intercompany debt and fund cash tender offers for existing bonds. Sabre GLBL repurchased approximately $251.9 million of its 10.750% Senior Secured Notes due 2029 at a purchase price of roughly $260 million. Concurrently, Sabre Financial repurchased $930.7 million (93.07%) of its 11.125% Senior Secured Notes due 2029 for approximately $1.046 billion and obtained consents to amend the indenture, eliminating restrictive covenants. The remaining $69.3 million of these notes will be redeemed on October 13, 2026, at a price of 109.25% plus accrued interest. This complex refinancing and debt repurchase activity materially alters the company's capital structure and leverage profile. Sabre operates in the travel technology industry, providing software and data solutions for airlines, hotels, and agencies.
Sabre Corp announced the pricing of an upsized $1.35 billion offering of 9.875% Senior Secured Notes due October 15, 2032, maturing in 2032 with semi-annual interest payments and a closing expected on September 28, 2026. Proceeds will fund the repayment of existing intercompany loans and facilitate cash tender offers for outstanding debt. Sabre Financial Borrower LLC commenced a tender offer to purchase all $1 billion of its 11.125% Senior Secured Notes due 2029 at up to $1,042.50 per $1,000 principal amount, including an early tender premium, with consent solicitation for indenture amendments. Concurrently, Sabre GLBL Inc. launched tender offers for up to $250 million of its senior secured notes due 2029 and 2030 at prices ranging from $975.00 to $992.50 per $1,000 principal amount. These transactions aim to refinance existing indebtedness and modify restrictive covenants. Sabre operates in the travel technology industry, providing AI-driven solutions for airlines, hotels, and agencies.
Sabre Corp announced an amendment to its accounts receivable securitization facility effective September 30, 2026. The transaction increases the facility size from $115 million to $130 million and extends the maturity date to September 28, 2029. Sabre Asia Pacific PTE. Ltd. is added as an originator under the agreement. The facility consists of a $120 million tranche provided by affiliates of Centerbridge Partners and a $130 million revolving tranche from PNC Bank. Borrowings bear interest based on SOFR plus a 275 basis point fee for Class A lenders and 625 basis points for Class B lenders. The company operates in the travel technology industry, providing software solutions for airlines, hotels, and travel agencies.
Sabre Corporation reported second quarter 2026 results on August 6, 2026, for the period ended June 30, 2026. Revenue increased 4% to $712 million, driven by a 6% rise in marketplace revenue to $577 million and an 11% increase in hotel-related revenue. Operating income rose 4% to $93 million, while normalized Adjusted EBITDA grew 19% to $151 million. The company reported a net loss attributable to common stockholders of $36 million, compared to a $256 million loss in the prior year period. Sabre generated positive free cash flow of $10 million and ended the quarter with $697 million in cash. Management raised full-year 2026 guidance for Pro Forma Adjusted EBITDA and Free Cash Flow while reaffirming revenue and air distribution bookings growth targets. The company operates in the travel technology industry, providing software solutions and data services to airlines, hotels, and travel agencies.