JWCA acts as exchange agent for Sabre’s $150 million exchangeable extension

March 2024 | read press release

Transaction Background

Sabre Corp (“SABR” or the “company”) was interested in extending the maturity of its 2025 exchangeable in order to push out the re-financing event

Sabre’s objectives included:

• Extend the maturity of the existing notes and maintain a high conversion price

• Avoid the typical stock price decline from a regular marketed convertible

• Minimize market risk and transaction costs

JWCA acted as placement agent for the exchange and new issuance, providing the following support for the Company:

• Advised on financing tactics and investor targeting

• Led investor outreach and execution of exchange

• Offered investors additional coupon if stock falls during the averaging period, allowing the transaction to be executed on an overnight basis

• Assisted the team with documentation and settlement

Results

Sabre was able to extend the maturity by ~16 months and achieve ~72.4% conversion premium with a moderate upfront payment of $30mm

Avoided stock price risk, as the exchange was executed overnight after a confidential marketing process with existing investors

Exchanged nearly 45% of the existing 2025 exchangeable

The extension smooths out and extends the Company’s 2025 debt maturities