By Paul A. Harris
Portland, Ore., May 28 - Audatex North America, Inc., a subsidiary of Solera Holdings, Inc., priced an upsized $150 million add-on to its 6% senior notes due June 15, 2021 (Ba2/BB-) at 106.5 to yield 4.897% on Wednesday, according to a market source.
The deal was increased from $100 million.
The reoffer price came on top of price talk.
Goldman Sachs & Co. was the bookrunner.
Proceeds will be used for working capital and other general corporate purposes which may include funding the acquisition of the Insurance and Services Division of Pittsburgh Glass Works, LLC, as well as potential put or call options on securities of Solera's Service Repair Solutions joint venture or one or more additional strategic initiatives.
Solera is a Westlake, Texas-based provider of software and services to the automobile insurance claims processing industry.
| Issuer: | Audatex North America, Inc.
|
| Amount: | $150 million, increased from $100 million
|
| Maturity: | June 15, 2021
|
| Security description: | Add-on to 6% senior notes due June 15, 2021
|
| Bookrunner: | Goldman Sachs & Co.
|
| Coupon: | 6%
|
| Price: | 106.5
|
| Yield: | 4.897%
|
| Spread: | 282 bps
|
| First call: | June 15, 2017 at 103
|
| Trade date: | May 28
|
| Settlement date: | June 2 with accrued interest
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 106.5
|
| Marketing: | Quick to market
|
| Original issue: | $850 million priced par on June 27, 2013
|
| Previous add-on: | $510 million priced at 101.75 to yield 5.631% on Oct. 17, 2013
|
| Total issue size: | $1.51 billion
|
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