Fidelity downsizes senior revolver, reduces interest, extends maturity

By Marisa Wong

Madison, Wis., April 16 - Fidelity National Financial, Inc. said it amended and restated its existing $925 million senior unsecured revolving credit facility that was scheduled to mature on March 5, 2013.

The total size of the credit facility has been reduced to $800 million. Fidelity has the option of increasing the facility to $900 million.

The maturity date is now April 16, 2016.

Fidelity also reduced pricing to Libor plus 132.5 basis points to 160 bps, depending on the company's senior debt ratings. With the current Moody's and Standard & Poor's ratings of Baa3 and BBB-, respectively, the applicable margin is 145 bps.

Financial covenants, including minimum consolidated net worth and maximum indebtedness to capitalization ratio covenants, remain essentially the same as in the previous credit facility.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, U.S. Bank NA and Wells Fargo Securities, LLC acted as joint lead arrangers and joint book managers of the credit facility.

Fidelity is a Jacksonville, Fla.-based title insurance and mortgage services provider.

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