Company: SABR
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049383
Chunk: 63

Company: Sabre Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 63
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 shares of common stock per $1,000 principal amount of the 2026 Exchangeable Notes, which is equivalent to an initial exchange price of approximately $4.50 per share. The exchange rate is subject to anti-dilution and other adjustments. Upon exchange, Sabre GLBL will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of common stock, at our election. If a “Make-Whole Fundamental Change” (as defined in the 2026 Exchangeable Notes Indenture) occurred with respect to any 2026 Exchangeable Note and the exchange date for the exchange of such 2026 Exchangeable Note occurred during the related “Make-Whole Fundamental Change Exchange Period” (as defined in the 2026 Exchangeable Notes Indenture), then, subject to the provisions set forth in the 2026 Exchangeable Notes Indenture, the exchange rate applicable to such exchange would have been increased by a number of shares set forth in the table contained in the 2026 Exchangeable Notes Indenture, based on a function of the time since origination and our stock price on the date of the occurrence of such Make-Whole Fundamental Change. Debt issuance costs are amortized over the contractual life of the Exchangeable Notes through interest expense, within our results from continuing operations. The effective interest rate at September 30, 2025 was 8.82% for the 2026 Exchangeable Notes. The effective interest rates at September 30, 2024 were 4.78% and 8.82% for the 2025 Exchangeable Notes and the 2026 Exchangeable Notes, respectively.The following table sets forth the carrying value of the Exchangeable Notes as of September 30, 2025 and December 31, 2024 (in thousands):September 30, 2025December 31, 20242025 Exchangeable Notes2026 Exchangeable Notes2025 Exchangeable Notes2026 Exchangeable NotesPrincipal$— $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