Sabre (SABR) Prices $1.35B of Secured Notes. Is the Breathing Room Worth the Cost?

Sabre Corporation announced the pricing of a $1.35 billion offering of 9.875% senior secured notes on September 15 through its subsidiary, with the notes set to mature on October 15, 2032. The offering was increased from an originally planned $1.1 billion. Closing was expected to occur on September 28, subject to customary conditions. The company intends to use proceeds primarily to refinance $1 billion of existing 11.125% secured notes maturing in 2029, along with purchasing other debt obligat