Solera's Audatex to price $100 million tap of 6% notes Wednesday

By Paul A. Harris

Portland, Ore., May 28 - Audatex North America, Inc., a subsidiary of Solera Holdings, Inc., plans to price a $100 million add-on to its 6% senior notes due June 15, 2021 (expected ratings Ba2/BB-) on Wednesday, according to a market source.

Goldman Sachs & Co. is the bookrunner for the Rule 144A and Regulation S for life offer.

The notes become callable on June 15, 2017,

Proceeds will be used for working capital and other general corporate purposes which may include funding the acquisition of the Insurance and Services Division of Pittsburgh Glass Works, LLC, as well as potential put or call options on securities of Solera's Service Repair Solutions joint venture or one or more additional strategic initiatives.

Solera is a Westlake, Texas-based provider of software and services to the automobile insurance claims processing industry.

The original $850 million issue priced par on June 27, 2013.

A previous $510 million add-on priced at 101.75 to yield 5.631% on Oct. 17, 2013.

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