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Debt
9 Months Ended
Sep. 30, 2015
Debt Disclosure [Abstract]  
Debt
Debt
As of September 30, 2015 and December 31, 2014, our outstanding debt included in our consolidated balance sheets totaled $3,121 million and $3,084 million, respectively, net of unamortized discounts of $9 million and $13 million, respectively. The following table sets forth the face values of our outstanding debt as of September 30, 2015 and December 31, 2014 (in thousands):
 
 
Rate
 
Maturity
 
September 30, 2015
 
December 31, 2014
Senior secured credit facilities:
 
 
 
 
 

 
 

Term B facility
L + 3.00%
 
February 2019
 
$
1,726,188

 
$
1,739,500

Incremental term loan facility
L + 3.00%
 
February 2019
 
343,000

 
345,625

Term C facility
L + 2.50%
 
December 2017
 
49,313

 
49,313

Revolver, $370 million
L + 2.75%
 
February 2019
 

 

Revolver, $35 million
L + 3.75%
 
February 2018
 

 

Senior unsecured notes due 2016
8.35%
 
March 2016
 
400,000

 
400,000

Senior secured notes due 2019
8.50%
 
May 2019
 

 
480,000

Senior secured notes due 2023
5.38%
 
April 2023
 
530,000

 

Mortgage facility
5.80%
 
March 2017
 
81,290

 
82,168

Face value of total debt outstanding
 
 
 
 
3,129,791

 
3,096,606

Less current portion of debt outstanding
 
 
 
 
(422,475
)
 
(22,435
)
Face value of long-term debt outstanding
 
 
 
 
$
2,707,316

 
$
3,074,171


 
Senior Secured Credit Facilities
We have a revolving credit facility totaling $405 million, of which $370 million expires in February 2019 ("Extended Revolver") and $35 million expires in February 2018 ("Unextended Revolver," collectively, the "Revolver"). We had no outstanding balance under the Extended or Unextended Revolver as of September 30, 2015 and December 31, 2014. We had outstanding letters of credit totaling $21 million and $47 million as of September 30, 2015 and December 31, 2014, respectively, which reduce our overall credit capacity under the Revolver.
Issuance of 2023 Notes and Extinguishment of 2019 Notes
In April 2015, we extinguished our $480 million senior secured notes due 2019 with a stated interest rate of 8.50% (“2019 Notes”) through the issuance of $530 million senior secured notes due in 2023 with a stated interest rate of 5.375% (“2023 Notes”). The 2023 Notes were issued by Sabre GLBL and are guaranteed by Sabre Holdings and each of Sabre GLBL’s existing and subsequently acquired or organized subsidiaries that are borrowers under or guarantors of our senior secured credit facilities. The 2023 Notes are secured by a first priority security interest in substantially all present and after acquired property and assets of Sabre GLBL and the guarantors of the notes, which also constitutes collateral securing indebtedness under our senior secured facilities on a first priority basis. We received proceeds of approximately $522 million, net of underwriting fees and commissions, from the 2023 Notes which were used to redeem all of the $480 million principal of the 2019 Notes, pay the 6.375% redemption premium of $31 million and the make whole premium of $2 million representing scheduled interest payable for the period between the redemption date of April 29, 2015 and the first call date of May 15, 2015. The remaining proceeds, combined with cash on hand, were used to pay accrued but unpaid interest of $19 million. We recognized a loss on extinguishment of debt in the second quarter of 2015 of $33 million, which includes the redemption premium and the make whole premium.
Aggregate Maturities
As of September 30, 2015, aggregate maturities of our long-term debt, which excludes amounts outstanding under our Revolver, were as follows (in thousands):
 
Amount
2015 (remaining)
$
5,620

2016
422,493

2017
150,303

2018
21,250

2019
2,000,125

Thereafter
530,000

Total
$
3,129,791