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Solera finalizes OIDs on €1.2 billion, £300 million term loans
By Sara Rosenberg
New York, June 3 – Solera set the original issue discount on its €1.2 billion seven-year term loan (B2/B-) at 99.5, the tight end of revised talk of 99 to 99.5 and tighter than initial talk of 99, and firmed the discount on its £300 million seven-year term loan (B2/B-) at 99.25, the tight end of revised talk of 99 to 99.25 and tighter than initial talk of 99, according to a market source.
Pricing on the euro term loan is Euribor plus 400 basis points with a 0% floor, and pricing on the pound sterling term loan is Sonia plus 525 bps with a 0% floor.
The company is also getting a $3.38 billion seven-year term loan (B2/B-) priced at Libor plus 400 bps with a 25 bps step-down at 4.5x first-lien net leverage, a 0.5% Libor floor and an original issue discount of 99.5.
All of the term loans include 101 soft call protection for six months and amortization of 1% per annum.
Previously in syndication, pricing on the euro term loan finalized at the low end of the Euribor plus 400 bps to 425 bps talk, and pricing on the U.S. term loan was set at the low end of the Libor plus 400 bps to 425 bps talk, the Libor floor was changed from 0.75% and the discount was revised from 99.
Goldman Sachs, JPMorgan Chase Bank, Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Guggenheim, HSBC Securities, Nomura, Macquarie, Jefferies LLC and KKR Capital Markets are the bookrunners on the deal, with Goldman the left lead on the U.S. loan and JPMorgan the left lead on the euro and pound sterling loans. Goldman is the administrative agent.
Proceeds will be used to refinance existing debt and for other general corporate purposes such as funding certain acquisitions and to pay for related transaction fees and expenses.
Closing is expected on Friday.
Solera is a Westlake, Tex.-based provider of integrated vehicle lifecycle management.
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