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.
|
| Guarantor: | Solera Holdings, Inc.
|
| Face amount: | $850 million
|
| Proceeds: | $859 million
|
| Securities: | Senior notes
|
| Bookrunner: | Goldman Sachs & Co.
|
| Trade date: | Oct. 17
|
| Settlement date: | Nov. 5
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A for life and Regulation S
|
| Marketing: | Quick to market
|
| Original issue: | $850 million priced at par on June 27, 2013
|
|
|
| Add-on
|
| Face amount: | $510 million
|
| Proceeds: | $519 million
|
| Maturity: | June 15, 2021
|
| Security description: | Add-on to 6% senior notes due June 15, 2021
|
| Coupon: | 6%
|
| Price: | 101.75
|
| Yield: | 5.631%
|
| Spread: | 343 bps
|
| Price talk: | 101.5
|
|
|
| 10-year notes
|
| Amount: | $340 million
|
| Maturity: | Nov. 1, 2023
|
| Coupon: | 6 1/8%
|
| Price: | Par
|
| Yield: | 6 1/8%
|
| Spread: | 352 bps
|
| Price talk: | 6¼% area
|
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