Fidelity National Title Group, Inc. Announces Expiration and Settlement of Exchange Offers
Jacksonville, Fla. -- (January 19, 2006) Fidelity National Title Group, Inc. (NYSE: FNT), the nation's largest title insurance company and a majority-owned, publicly traded subsidiary of Fidelity National Financial, Inc. (NYSE: FNF), today announced the expiration and settlement of its previously announced exchange offers for outstanding notes of FNF.
The exchange offers expired at 5:00 p.m., New York City time, on January 17, 2006. As of that time, $241,347,000 aggregate principal amount (approximately 96.54%) of the 7.30% FNF Notes due 2011 and the entire $250,000,000 aggregate principal amount of the 5.25% FNF Notes due 2013 had been validly tendered and not withdrawn in the exchange offers.
FNT has accepted all FNF notes tendered (and not withdrawn) in the exchange offers, and in exchange for those notes has issued FNT notes with the same principal amounts, interest rates, redemption terms and payment and maturity dates as the FNF notes accepted in the exchange offers.
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.
FNT is a majority-owned subsidiary of Fidelity National Financial Inc., number 261 on the Fortune 500 and a provider of products and outsourced services and solutions to financial institutions, and the mortgage, insurance and real estate industries. More information about FNF can be found at www.fnf.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 FNF or FNT to be different from those expressed or implied above. FNF and FNT expressly disclaim 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 the conditions for the exchange offers will not be met or that the anticipated benefits of the exchange offers will not be obtained and other risks detailed from time to time in the "Management's Discussion and Analysis" section of FNT's Form 10-K and other reports and filings with the Securities and Exchange Commission.
SOURCE: Fidelity National Title Group, Inc.
CONTACT: Daniel Kennedy Murphy, Senior Vice President, Finance and Investor Relations, Fidelity National Financial, Inc., 904-854-8120, dkmurphy@fnf.com