Company: SABR
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049383
Chunk: 165

Company: Sabre Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 165
---
6 Exchangeable Notes Indenture), then, subject to the provisions set forth in the 2026 Exchangeable Notes Indenture, the exchange rate applicable to such exchange would have been increased by a number of shares set forth in the table contained in the 2026 Exchangeable Notes Indenture, based on a function of the time since origination and our stock price on the date of the occurrence of such Make-Whole Fundamental Change. Debt issuance costs are amortized over the contractual life of the Exchangeable Notes through interest expense, within our results from continuing operations. The effective interest rate at September 30, 2025 was 8.82% for the 2026 Exchangeable Notes. The effective interest rates at September 30, 2024 were 4.78% and 8.82% for the 2025 Exchangeable Notes and the 2026 Exchangeable Notes, respectively.The following table sets forth the carrying value of the Exchangeable Notes as of September 30, 2025 and December 31, 2024 (in thousands):September 30, 2025December 31, 20242025 Exchangeable Notes2026 Exchangeable Notes2025 Exchangeable Notes2026 Exchangeable NotesPrincipal$— $150,000 $183,220 $150,000 Less: Unamortized debt issuance costs— 1,800 414 3,311 Net carrying value$— $148,200 $182,806 $146,689 The following table sets forth interest expense recognized related to the Exchangeable Notes for the three and nine months ended September 30, 2025 and 2024 (in thousands): Three Months Ended September 30,Nine Months Ended September 30,20252024202520242025 Exchangeable Notes2026 Exchangeable Notes2025 Exchangeable Notes2026 Exchangeable Notes2025 Exchangeable Notes2026 Exchangeable Notes2025 Exchangeable Notes2026 Exchangeable NotesContractual interest expense$— $2,745 $1,832 $2,745 $2,138 $8,235 $6,797 $5,856 Amortization of issuance costs— 515 346 471 414 1,511 1,266 993 

8. Derivatives 

Hedging Objectives—We are exposed to certain risks relating to ongoing business operations. The primary risk managed by using derivative instruments is interest rate