Bulletin: Sabre Corp.'s Announced Sale Of SynXis Hospitality Business Will Improve Leverage, Cash Interest Burden

This report does not constitute a rating action. NEW YORK (S&P Global Ratings) April 28, 2025--S&P Global Ratings today said that Sabre Corp. (B-/Stable/--) will improve leverage and cash interest expense following its recently announced sale of SynXis, its hospitality business, for $1.1 billion. We expect most of the cash proceeds, net of taxes and fees, to be allocated toward mandatory paydown of the company?s term loan tranches based on the credit agreement. Pro forma for the transaction (which we expect to close by the third quarter of 2025), we forecast S&P Global Ratings-adjusted leverage to improve to roughly 7x in 2025 from 10.9x in 2024. We previously forecast leverage of about 8x in 2025. We also estimate that the

...April 28, 2025 This report does not constitute a rating action. NEW YORK (S&P Global Ratings) April 28, 2025--S&P Global Ratings today said that Sabre Corp. (B-/Stable/--) will improve leverage and cash interest expense following its recently announced sale of SynXis, its hospitality business, for $1.1 billion. We expect most of the cash proceeds, net of taxes and fees, to be allocated toward mandatory paydown of the company's term loan tranches based on the credit agreement. Pro forma for the transaction (which we expect to close by the third quarter of 2025), we forecast S&P Global Ratings-adjusted leverage to improve to roughly 7x in 2025 from 10.9x in 2024. We previously forecast leverage of about 8x in 2025. We also estimate that the company will save roughly $65 million cash interest expense on an annualized basis. Our `B-' issuer credit rating and stable outlook on Sabre are unchanged. While the proposed transaction is a credit positive and leverage is close to our ratings upside...

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