Moody’s rates Solera loans Ba3, notes Caa1

Moody's Investors Service said it assigned a corporate family rating of B2 to Solera LLC and Solera Finance, Inc., a probability of default rating of B2-PD, and Ba3 (LGD2) and Caa1 (LGD5) ratings to Solera's new first-lien senior secured credit facilities and senior unsecured notes, respectively.

The outlook is stable.

Proceeds from a $1.9 billion first-lien term loan, just over $2 billion of senior unsecured notes and $3.1 billion of common and preferred equity contributed by a consortium of investors led by affiliates of Vista Equity Partners will be used to effect a Vista-led acquisition of the company. (A $300 million first-lien revolver will be undrawn at closing.)

All of the ratings of Audatex North America, Inc. will be withdrawn upon the Vista acquisition's closing and the repayment of Audatex's $3.1 billion of existing debt, which are expected to occur in the first quarter of 2016.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.