Fidelity National Financial extends $800 million revolver to 2029

By Mary-Katherine Stinson

Lexington, Ky., Feb. 16 – Fidelity National Financial, Inc. entered into an amendment on Feb. 16 to its existing $800 million credit agreement with Bank of America, NA as administrative agent to extend the maturity date to Feb. 16, 2029 from Oct. 29, 2025, among other things, according to an 8-K filing with the Securities and Exchange Commission.

Borrowings bear interest at term SOFR plus a margin of between 90 basis points and 147.5 bps, depending on the senior unsecured long-term debt ratings of the company. Based on current ratings, the margin is 110 bps.

There is a commitment fee of between 10 bps and 27.5 bps on the entire facility, also depending on the company’s senior unsecured long-term debt ratings.

According to a press release, the total debt to total capitalization ratio will increase to 37.5% from 35%, and the net worth test date was amended to Sept. 30. All other financial covenants remain essentially the same.

BofA Securities, Inc., JPMorgan Chase Bank, NA, U.S. Bank NA and Wells Fargo Securities, LLC are the joint lead arrangers and bookrunners.

JPMorgan, U.S. Bank and Wells Fargo Bank, NA Citibank, NA and Royal Bank of Canada are the co-syndication agents. BMO Harris Bank NA, Fifth Third Bank and PNC Bank, NA are the co-documentation agents.

The title insurance company is based in Jacksonville, Fla.

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