Moody's assigns B3 to Polaris, rates loans B2, Ba3

Moody's Investors Service said it assigned a first-time B3 corporate family rating and B3-PD probability of default rating to Polaris Newco, LLC (dba Solera) connection with the proposed acquisition by Solera Global Holding Corp. of Omnitracs Topco LLC and Ousland Holdings, Inc. (DealerSocket).

Moody's also assigned a B2 instrument rating to the new $5.2 billion multicurrency first-lien senior secured term loan and a Ba3 instrument rating to the new superpriority senior secured $500 million revolver. The outlook is stable.

The combination of Solera, Omnitracs and DealerSocket, all three entities owned by private equity sponsor Vista Equity Partners, along with the acquisition of a smaller target in the fleet solutions segment, will be financed with the issuance of a new $5.2 billion multicurrency seven-year first-lien senior secured term loan; and a new $2.5 billion eight-year multicurrency second-lien senior secured term loan (unrated), Moody’s said.

The pro forma capital structure will also include a new five-year superpriority $500 million revolving credit facility, which is expected to remain undrawn at closing.

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