Solera offers $850 million notes in two tranches as Thursday drive-by

By Paul A. Harris

Portland, Ore., Oct. 17 - Solera Holdings, Inc., an indirect wholly owned subsidiary, Audatex North America, Inc., is planning a Thursday drive-by transaction to price $850 million of senior notes (expected ratings Ba2/BB-) in two tranches, according to a market source.

The deal will include an add-on to the Audatex 6% senior notes due June 15, 2021, as well as a tranche of new 10-year notes.

Tranche sizes remain to be determined.

Goldman Sachs & Co. has the books for the Rule 144A and Regulation S offering.

Proceeds, together with cash on hand, will be used to redeem all of the outstanding $850 million of Audatex 6¾% senior notes due 2018.

The original $850 million issue of the 6% senior notes due June 15, 2021 priced at par on June 27, 2013.

The prospective issue is a Westlake, Texas-based provider of software and services to the automobile insurance claims processing industry.

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