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Solera Holdings, Inc. Announces Receipt Of Requisite Consents To Enter Into Amended Credit Facility

Stocks in this article: SLH

DALLAS, April 10, 2012 /PRNewswire/ -- Solera Holdings, Inc. ("Solera") (NYSE: SLH) announced today that certain of its subsidiaries had received consents from lenders representing 54.4% of the outstanding term loan borrowings under the subsidiaries' existing senior credit facility to enter into an amended credit facility (the "Amended Credit Facility"), which is expected to consist of a U.S. term loan in the principal amount of approximately $106.8 million and European term loans in the principal amount of approximately euro 143.2 million. The U.S. term loan is expected to bear interest at LIBOR plus 3.00%, the European term loans are expected to bear interest at EUROLIBOR plus 3.00%.  The maturity date for all of the extended term loans is expected to be May 16, 2017. The Amended Credit Facility is expected to provide the Company and its subsidiaries with future flexibility to pursue their business strategy, and is conditioned upon the concurrent closing of an offering of senior notes (the "Notes") by Audatex North America, Inc., one of the Company's subsidiaries, and customary closing conditions. The loans of lenders that did not elect to participate in the Amended Credit Facility will be repaid in full with a portion of the net proceeds of the sale of the Notes.

Solera also announced that, shortly after the closing of the Amended Credit Facility and the sale of the Notes, it intends to solicit commitments for an incremental revolving loan facility in the amount of $100 million.

Solera is the leading global provider of software and services to the automobile insurance claims processing industry. Solera is active in over 60 countries across six continents. The Solera companies include Audatex in the United States, Canada, and in more than 45 additional countries, Informex in Belgium, Sidexa in France, ABZ and Market Scan in the Netherlands, HPI in the United Kingdom, Hollander serving the North American recycling market, AUTOonline providing salvage disposition in a number of European, Latin American and Asian countries, IMS providing medical review services, and Explore providing data and analytics to United States property and casualty insurers.

The above information includes "forward looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Such statements only reflect Solera's best assessment at this time and are indicated by words or phrases such as "plans," "intends," "will," or similar words or phases. Investors are cautioned that forward-looking statements involve risks and uncertainty that actual results may differ materially from such statements and that investors should not place undue reliance in such statements.

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