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Bulletin: Solera Holdings Inc. Ratings Not Affected By Acquisition Of HPI Ltd. Dec 08
Standard & Poors, Dec 2008
Abstract
NEW YORK (Standard & Poor's) Dec. 19, 2008--Standard & Poor's Ratings Services said today its ratings and outlook on Solera Holdings Inc. (BB-/Stable/--) would not be affected by the company's acquisition of HPI Ltd., a provider of used vehicle validation services in the United Kingdom, for $117 million, of which $100 million will be paid in cash and the remaining $17 million in an 8% subordinated note due 2011. The agreement also includes an earn-out of up to $7 million in cash based upon the achievement of certain performance milestones. Solera preliminary estimates that HPI will add approximately $21 million to its fiscal 2009 revenues and about $9 million to adjusted EBITDA. We expect operating-lease-adjusted debt leverage to drop slightly...
Companies mentioned in this report are: Solera Holdings Inc.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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