SOUTLAKE, TX, Jul 12, 2021 / PRNewswire / – Saber Corporation (“Saber”) (Nasdaq: SABR) announced today that it has refinanced a portion of its existing debt, including the full repayment of its Term B and its revolving loan facility and the termination of its revolving obligations. Saber has no additional refinancing debt in excess of the refinancing amount, with the exception of amounts to cover certain interest, fees and expenses. The refinancing has significantly improved Saber’s debt maturity profile and operational flexibility by revising its financial covenant, removing minimum liquidity requirements, overall net leverage ratio requirements and several other constraints.
Refinancing included the use of proceeds from (i) new $ 404 million term loan “B-1” (“New term B-1”) and (ii) new $ 644 million B-2 Term Loan (together with a new B-1 Credit Line, New Properties) borrowed by its 100% subsidiary Saber GLBL Inc. (“Saber GLBL”) under an existing senior secured loan agreement (the “Loan Agreement”) to repay in full USD 633,815,000 existing credit line of Term Loan B received December 17, 2020 under the Credit Agreement and USD 400,000,000 existing revolving credit line outstanding on Jul 12, 2021 under the Loan Agreement and terminate its renewable obligations. New objects are ripening December 17, 2027 and offer Saber a prepaid option for New properties after December 17, 2021 or make a prepayment of 101 awards before that date. Moreover, on July 2, 2021, pending revolver redemption and termination of revolving obligations (and related letter of credit suborganization), Saber GLBL has entered into a new $ 20 million L / C (“Credit Line”) with Bank of America, NA
The new properties and line of credit are guaranteed by Saber Holdings Corporation and each Saber GLBL subsidiary that guarantees the loan agreement. The new production facility and related guarantees are secured subject to the permitted liens with a primary security interest in the same security that secures the other Saber GLBL senior secured debt, which is principally existing and subsequently acquired Saber GLBL property and assets and vouchers (excluding certain excluded assets). The line of credit is accredited secured by a cash security deposit account with Bank of America, NA.
BofA Securities, Inc., Mizuho bank, Ltd., Wells Fargo Securities, LLC, Deutsche Bank Securities Inc. and Goldman Sachs Lending Partners LLC acted as joint bookrunners, and BofA Securities, Inc. acted as the sole leading arranger of the B-1 credit line for a new term. BofA Securities, Inc. acted as the sole bookrunner and sole lead arranger for the new term B-2 credit line. Bank of America is the administrative agent and collateral agent for the Loan Agreement.
About Saber Corporation
Saber Corporation is a leading technology provider for the global travel industry. Saber software, data, mobile and distribution solutions are used by hundreds of airlines and thousands of hotels to manage mission-critical operations including passenger and guest reservations, revenue management, flight, network and crew management. Saber also operates a leading global travel market that processes more than $ 120 billion in estimated travel expenses annually, linking buyers and travel providers. Headquarters in Southlake, Texas, USA, Saber has offices in approximately 160 countries around the world.
Certain statements in this document are forward-looking statements about trends, future events, uncertainties, and our plans and expectations about 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 “believe,” “might,” “likely,” “expect,” “plan,” “do,” “direct,” “forecast,” “foresee,” “Will”, “additional”, “preliminary”, “forecast”, “continue”, “strategy”, “confidence”, “impulse”, “estimate”, “goal”, “project”, “may”, should, “Will”, “mean”, “potential” or negative of these terms or other comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause Saber’s actual results, performance or achievements to differ materially from any future results, performance or achievements, whether expressed or implied in forward-looking statements. Additional information about the potential risks and uncertainties that could affect our business and results of operations is included in the Risk Factors and Forward-looking Statements sections of our 10-K Annual Report filed with the SEC February 25, 2021, our 10-Q quarterly report filed with the SEC May 4, 2021 and in our other SEC filings. While we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, prospects, recommendations, results, actions, levels of activity, performance or achievements. Note to readers: Do not place undue reliance on these forward-looking statements. Except as required by law, Saber assumes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they were made.
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SOURCE Saber Corporation