Fidelity National Financial, Inc. Announces Amendment and Extension of Credit Facility
Fidelity National Financial, Inc. (NYSE: FNF), a leading provider of title insurance, mortgage services and diversified services, today announced the signing of an amendment and extension of its existing $800 million senior unsecured revolving credit facility ("credit facility") with lenders totaling $595 million of the credit facility. The company intends to pursue the signing of an amendment and extension of the credit facility with banks totaling $205 million of the credit facility on July 11, 2013. The amendment and extension of the credit facility is related to FNF's previous announcement concerning the agreement to acquire Lender Processing Services, Inc.
The lenders totaling $595 million of the credit facility have agreed to extend the maturity date of the credit facility to July 15, 2018, and pricing remains constant at an applicable margin of between 132.5 basis points to 160 basis points over LIBOR. At the current Moody's and Standard & Poor's senior debt ratings of Baa3/BBB-, respectively, the applicable borrowing margin is 145 basis points. Financial covenants remain essentially the same, except that the total debt to total capitalization ratio limit of 35% will increase to 37.5% for a period of one year after the closing of the Lender Processing Services, Inc. acquisition. Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, U.S. Bank National Association and Wells Fargo Securities, LLC acted as joint lead arrangers and joint book managers of the credit facility.
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