Fidelity National Financial, Inc. Announces Amendment and Extension of Credit Facility
Jacksonville, Fla. -- (March 5, 2010) -- Fidelity National Financial, Inc. (NYSE:FNF), a leading provider of title insurance, mortgage services, specialty insurance, claims management services and information services, today announced the amendment and extension of its existing $1.1 billion senior unsecured revolving credit facility ("credit facility") that was scheduled to mature on October 24, 2011.
The total size of the extended credit facility has been reduced to $925 million, with an FNF option to increase the size of the credit facility to $1.1 billion, and the maturity date has been extended to March 5, 2013. Pricing under the extended credit facility has increased to an applicable margin of between 110 basis points to 190 basis points over LIBOR, depending on the senior debt ratings of FNF. At the current Moody's and Standard & Poor's senior debt ratings of Baa3/BBB-, the applicable margin is 150 basis points. Financial covenants remain the same as in the previous credit facility, including minimum consolidated net worth and maximum indebtedness to capitalization ratio covenants. The applicable margin will increase by 50 basis points on October 24, 2011. Bank of America Securities LLC, Wells Fargo Securities, LLC, J.P. Morgan Securities Inc., and U.S. Bank, National Association acted as joint lead arrangers of the credit facility.
"We are excited to complete the amendment and extension of our existing credit facility," said Executive Chairman William P. Foley, II. "This amendment and three-year extension enhances our longer term liquidity profile and continues our strategy of conservatively managing our balance sheet and liquidity position during these uncertain times."
Fidelity National Financial, Inc. (NYSE:FNF), is a leading provider of title insurance, specialty insurance, claims management services and information services. FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Lawyers Title, Ticor Title, Security Union Title and Alamo Title - that collectively issue more title insurance policies than any other title company in the United States. FNF also provides flood insurance, personal lines insurance and home warranty insurance through its specialty insurance business. FNF also is a leading provider of outsourced claims management services to large corporate and public sector entities through its minority-owned subsidiary, Sedgwick CMS. FNF is also a leading information services company in the human resource, retail and transportation markets through another minority-owned subsidiary, Ceridian Corporation. More information about FNF can be found at www.fnf.com.
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions, including changes in the financial markets; adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U. S. economy; our potential inability to find suitable acquisition candidates, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in integrating acquisitions; our dependence on operating subsidiaries as a source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-K and other filings with the Securities and Exchange Commission.
SOURCE: Fidelity National Financial, Inc.
CONTACT:
Daniel Kennedy Murphy
Senior Vice President and Treasurer
904-854-8120, dkmurphy@fnf.com