Fidelity National Title Group, Inc. Files Registration Statement for Note Exchange Offers
Jacksonville, Fla. -- (October 31, 2005) ¡V Fidelity National Title Group, Inc. (NYSE:FNT) and Fidelity National Financial, Inc. (NYSE:FNF) today announced that FNT has filed a registration statement seeking to undertake two exchange offers totaling $500 million under which FNT would exchange the outstanding publicly-traded notes of FNF for similar notes of FNT.
Under the terms of the exchange offers, current holders of both the $250 million 7.30% notes that mature August 15, 2011 and the $250 million of 5.25% notes that mature March 15, 2013 would exchange their existing FNF notes for new notes issued by FNT with the same principal amounts, interest rates, redemption terms and payment and maturity dates as the existing FNF notes. Concurrent with the exchange offers, FNT intends to solicit consents from the holders of each series of FNF notes to make certain amendments to the indenture under which the FNF notes were issued. The commencement of the exchange offers is contingent upon a declaration of effectiveness of the registration statement by the Securities and Exchange Commission.
Fidelity National Title Group, Inc. is the nation's largest title insurance company. The Company's title insurance underwriters - Fidelity National Title, Chicago Title, Ticor Title, Security Union Title and Alamo Title - issue approximately 31 percent of all title insurance policies in the United States. Through its direct operations and agencies, the Company provides title insurance in 49 states, the District of Columbia, Guam, Mexico, Puerto Rico, the U.S. Virgin Islands and Canada. In 2005, FNT also acquired Service Link, a leading provider of title and closing services to major financial institutions and lenders, including six of the top 10 lending institutions in the United States ranked by loan origination volume. More information about Fidelity National Title Group can be found at www.fntg.com
Fidelity National Financial, Inc., number 261 on the Fortune 500, is a provider of products and outsourced services and solutions to financial institutions and the real estate industry. Through its majority-owned, publicly traded subsidiary, Fidelity National Title Group, Inc., FNF is the nation's largest title insurance company, with nearly 31 percent national market share. Through its majority-owned subsidiary Fidelity National Information Services, Inc. ("FIS"), the Company is a leading provider of core financial institution processing, mortgage loan processing and related information products and outsourcing services to financial institutions, mortgage lenders and real estate professionals. FNF is also provider of specialty insurance products, including flood insurance, homeowners insurance and home warranty insurance. More information about the FNF family of companies can be found at www.fnf.com, www.fntg.com and www.fidelityinfoservices.com.
This press release contains statements related to future events and expectations and, as such, constitutes forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be different from those expressed or implied above. The Company expressly disclaims any duty to update or revise forward-looking statements. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, the effect of governmental regulations, the economy, competition, the possibility that FNT will decide not to proceed with the exchange offers due to market conditions or other factors and other risks detailed from time to time in the "Management's Discussion and Analysis" section of the Company's Form 10-K and other reports and filings with the Securities and Exchange Commission.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission (the "SEC") but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Security holders are urged to read the exchange offer materials, when available, including the registration statement on Form S-4 filed with the SEC, as amended from time to time, including the related prospectus, and the other materials related to the proposed exchange offer filed with the SEC, because they contain important information. These and other documents relating to the proposed exchange offer, when they are filed with the SEC, may be obtained free at the SEC's Web site at www.sec.gov, or may be obtained from FNF after the exchange offers have been commenced by request in writing or by telephone to Fidelity National Financial, Inc., Attn: Investor Relations, 601 Riverside Avenue, Jacksonville, FL 32205, 904-854-8100. A copy of the prospectus for the exchange offers, when prepared, will be available from the information agent for the offers, D.F. King & Co., Inc., New York, New York.
SOURCES: Fidelity National Title Group, Inc. and Fidelity National Financial, Inc. CONTACT: Daniel Kennedy Murphy, Senior Vice President, Finance and Investor Relations, 904-854-8120, dkmurphy@fnf.com