By Paul A. Harris
Portland, Ore., June 27 - Solera Holdings, Inc. priced an upsized $850 million issue of eight-year senior notes (Ba2/BB-) at par to yield 6% on Thursday, according to a market source.
The deal was upsized from $700 million.
The yield printed on top of yield talk.
Goldman Sachs & Co. ran the books.
The issue priced through subsidiary Audatex North America, Inc.
Solera plans to use the proceeds to repay all of the outstanding debt under its senior secured credit facility.
Solera is a Westlake, Texas-based provider of software and services to the automobile insurance claims processing industry.
| Issuer: | Audatex North America, Inc.
|
| Guarantor: | Solera Holdings, Inc.
|
| Amount: | $850 million, increased from $700 million
|
| Maturity: | June 15, 2021
|
| Securities: | Senior notes
|
| Bookrunner: | Goldman Sachs & Co.
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Call protection: | Four years
|
| Trade date: | June 27
|
| Settlement date: | July 2
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6% area
|
| Marketing: | Quick to market
|
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