By Paul Deckelman
New York, June 10 - Audatex North America Inc. priced $450 million of seven-year senior notes (Ba2/BB-) at par to yield 6¾% on Friday, a high yield market source said.
The deal came at the rich end of talk envisioning a 6 7/8% yield.
The issue was upsized from the originally announced $350 million.
Goldman Sachs & Co. was on the left side, while Bank of America Merrill Lynch was also a joint bookrunner.
The notes - sold under Rule 144A for life and Regulation S - are non-callable for three years.
The company, a subsidiary of Dallas-based Solera Holdings, Inc., a provider of software and services to the automobile insurance claims processing industry, announced the planned deal on Tuesday and then marketed it to potential investors via an investor call on Wednesday and presentations in New York and Boston on Wednesday and Thursday.
It plans to use the deal proceeds to finance the acquisition of Explore Information Services, LLC by Claims Services Group, Inc., a wholly owned subsidiary of Audatex.
| Issuer: | Audatex North America Inc. (subsidiary of Solera Holdings, Inc.)
|
| Amount: | $450 million (upsized from $350 million)
|
| Maturity: | June 15, 2018
|
| Security description: | Senior notes
|
| Joint bookrunners: | Goldman Sachs & Co. and Bank of America Merrill Lynch.
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Spread: | 451 bps
|
| Call features: | Non-callable for first three years after issue, set schedule after that
|
| Trade date: | June 10
|
| Settlement date: | June 14
|
| Ratings: | Moody's: Ba2
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| Standard & Poor's: BB-
|
| Distribution: | Rule 144A for life/Regulation S
|
| Price talk: | 6 7/8% area yield
|
| Marketing: | Investor call, short roadshow
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