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Fidelity National to draw on revolver for O'Charley's acquisition
By Sara Rosenberg
New York, Feb. 27 - Fidelity National Financial Inc. plans on using borrowings under its unsecured revolving credit facility and cash on hand to fund the roughly $225 million purchase of O'Charley's Inc., according to an SC TO-T filed with the Securities and Exchange Commission on Monday.
At Dec. 31, 2011, the company had $825 million of unused capacity under its revolver and $100 million drawn at pricing of Libor plus 200 basis points.
Under the agreement, Fidelity National is buying O'Charley's, a Nashville, Tenn.-based operator of full-service restaurants, for $9.85 per share in cash.
The tender offer for O'Charley's shares will expire on April 2.
Closing is subject to customary conditions, including the expiration of the Hart-Scott-Rodino Act waiting period.
Fidelity National is a Jacksonville, Fla.-based provider of title insurance, mortgage services and diversified services.
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