By Paul A. Harris
Portland, Ore., Oct. 17 - Solera Holdings, Inc.'s indirect wholly owned subsidiary, Audatex North America, Inc., priced $850 million of senior notes (Ba2/BB-/) in two tranches on Thursday, according to a market source.
The deal included a $510 million add-on to the 6% senior notes due June 15, 2021, which priced at 101.75 to yield 5.631%. The reoffer price came rich to the 101.5 price talk.
There was also a $340 million tranche of new 10-year notes, which priced at par to yield 6 1/8%. The yield printed at the tight end of yield talk set in the 6¼% area.
Proceeds, together with cash on hand, will be used to redeem all of the outstanding $850 million of Audatex 6¾% senior notes due 2018.
Solera is a Westlake, Texas-based provider of software and services to the automobile insurance claims processing industry.
Issuer: | Audatex North America, Inc.
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Guarantor: | Solera Holdings, Inc.
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Face amount: | $850 million
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Proceeds: | $859 million
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Securities: | Senior notes
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Bookrunner: | Goldman Sachs & Co.
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Trade date: | Oct. 17
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Settlement date: | Nov. 5
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Ratings: | Moody's: Ba2
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| Standard & Poor's: BB-
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Distribution: | Rule 144A for life and Regulation S
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Marketing: | Quick to market
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Original issue: | $850 million priced at par on June 27, 2013
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|
Add-on
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Face amount: | $510 million
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Proceeds: | $519 million
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Maturity: | June 15, 2021
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Security description: | Add-on to 6% senior notes due June 15, 2021
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Coupon: | 6%
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Price: | 101.75
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Yield: | 5.631%
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Spread: | 343 bps
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Price talk: | 101.5
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|
10-year notes
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Amount: | $340 million
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Maturity: | Nov. 1, 2023
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Coupon: | 6 1/8%
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Price: | Par
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Yield: | 6 1/8%
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Spread: | 352 bps
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Price talk: | 6¼% area
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