Solera might issue notes to fund Explore Information acquisition

By Angela McDaniels

Tacoma, Wash., April 25 - Solera Holdings, Inc. said it may issue senior notes as part of the funding for its acquisition of Explore Information Services, LLC.

The company and one of its indirect subsidiaries entered into a commitment letter for a $350 million senior bridge loan with Goldman Sachs Bank USA and Merrill Lynch. The bridge loan will be used to backstop a portion of the $520 million cash purchase price, according to a company news release.

The company said it may issue senior notes, bank loans or other debt in lieu of all or a portion of the bridge loan.

The acquisition is expected to close before the end of June.

Solera provides software and services to the automobile insurance claims processing industry and is based in Dallas.

Explore Information Services provides data and analytics services used by automotive property and casualty insurers. It is based in Eagan, Minn.

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