New Issue: Solera prices $275 million tap of 10½% notes due 2024 at 113.5

By Paul A. Harris

Portland, Ore., Aug. 16 – Solera, LLC priced a $275 million add-on to its 10½% senior notes due March 1, 2024 (Caa1/CCC+) at 113.5 on Wednesday, according to an informed source.

The reoffer price came on top of price talk in the 113.5 area.

The reoffer price renders a yield to worst of 6.104% and a yield to maturity of 7.819%.

Goldman Sachs & Co. was the bookrunner for the quick-to-market deal.

The Westlake, Texas-based provider of software and services to the automobile insurance industry plans to use the proceeds to repay debt under its revolving credit facility, with any remaining proceeds to be used for general corporate purposes, including strategic initiatives.

Issuer:	Solera, LLC
Face amount:	$275 million
Proceeds:	$312,125,000
Maturity:	March 1, 2024
Security description:	Add-on to 10½% senior notes due March 1, 2024
Bookrunner:	Goldman Sachs & Co.
Coupon:	10½%
Price:	113.5
Yield to worst:	6.104%
Yield to maturity:	7.819%
First call:	Treasuries plus 50 bps make-whole call until March 1, 2019, then callable at 107.875
Trade date:	Aug. 16
Settlement date:	Aug. 21
Ratings:	Moody's: Caa1
	S&P: CCC+
Distribution:	Rule 144A and Regulation S for life
Price talk:	113.5 area
Marketing:	Quick to market
Original issue:	$1.73 billion priced at 95 to yield 11.472% in February 2016
Total issue size:	$2,005,000,000

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