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Centerbridge Creates FILO Facility in Expansion of Sabre Accounts Receivable Securitization Facility
- Client News
- April 3, 2024
Practices
Paul, Weiss advised entities advised by affiliates of global alternative investment manager Centerbridge Partners, L.P., in the formation of a fully funded $120 million “first-in, last-out” (FILO) facility as part of Sabre Securitization LLC’s expansion of its existing accounts receivable securitization facility from $200 million to $235 million. Sabre Securitization is an indirect subsidiary of Sabre Corporation, a leading technology provider to the global travel industry. The increased accounts receivable facility also includes a $115 million revolving tranche provided by existing lender PNC Bank N.A., alongside the Centerbridge FILO facility.
The new FILO facility and amendment and extension to Sabre’s existing accounts receivable facility continue a series of recent transactions focused on strengthening Sabre’s balance sheet, bolstering its liquidity and enhancing its financial flexibility.
The Paul, Weiss team was led by partners Paul Basta, Robert Zochowski and Alice Eaton and corporate counsel Mikhel Schecter, and included corporate partner Suhan Shim.