Liability management exercises · defined & tracked

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Sabre Corp

February 2023 · US · Pari-Plus

A new borrower raised debt and on-lent it into the existing credit group, with extra guarantees from foreign subsidiaries outside that group. First called a double-dip; better classed as pari plus.

Discussed in Liability Management Exercises: Law and Practice at ¶¶ 2.91, 15.12–15.15, 15.17, 17.9–17.12, 17.15.