SABHLD 11 ¼ 12/15/2027

Sabre Corporation

Credit, TMT


Publicly traded companies mentioned herein: Airbnb Inc (ABNB), Alphabet Inc (GOOG), Amadeus IT Group (AMADY), Delta Air Lines Inc (DAL), Hilton Hotels Corp (HLT), Hyatt Hotels Corp (H), JetBlue Airways Corp (JBLU), Marriott International Inc (MAR), Sabre Corp (SABR), Wyndham Hotels & Resorts Inc (WH)

Highlights

The presenter is long Sabre’s (through a wholly owned subsidiary) newly issued 11.25% Senior Secured Notes due December 15, 2027 (S&P B, Moody’s Ba3), with an aggregate principal amount of $555mn. Currently trading at about 102, to yield in the high 10% range. This debt offering was primarily used to refinance Term Loan debt due in 2024, to extend its debt maturity profile, while increasing interest expense. 

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Idea Discussion

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