Solera subsidiary Audetex to redeem $850 million 6¾% notes on Nov. 18

By Marisa Wong

Madison, Wis., Oct. 17 - Solera Holdings, Inc. said its indirect wholly owned subsidiary, Audatex North America, Inc., gave notice that it will redeem for cash all of its outstanding $850 million 6¾% senior notes due 2018 on Nov. 18.

The redemption price will be par plus an applicable premium, along with accrued interest to the redemption date. The applicable premium is the greater of (a) 1% of the current outstanding principal amount and (b) the excess of (i) the present value at the redemption date of the sum of the redemption price of the notes at June 15, 2014, which is 103.375, plus all required interest payments due through June 15, 2014, discounted at the Treasury rate plus 50 basis points; over (ii) the principal amount of the 6¾% notes.

The redemption is conditioned upon completion of one or more financing transactions generating proceeds of at least $800 million.

The Westlake, Texas, company separately announced the launch of an $850 million senior note offering on Thursday.

Solera is a provider of software and services to the automobile insurance claims processing industry.

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