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Fidelity National extends revolver to 2018; lenders totaling $595 million grant amendment
By Marisa Wong
Madison, Wis., June 25 - Fidelity National Financial, Inc. said it signed an amendment and extension of its existing $800 million senior unsecured revolving credit facility with lenders of $595 million of the facility.
The company intends to sign an amendment and extension with the remaining banks totaling $205 million on July 11, according to a press release.
The amendment is related to Fidelity's previously announced agreement to acquire Lender Processing Services, Inc.
The company said lenders totaling $595 million of the facility have agreed to extend the maturity date to July 15, 2018.
Pricing is still Libor plus an applicable margin of 132.5 basis points to 160 bps. At the current Moody's and Standard & Poor's senior debt ratings of Baa3 and BBB-, respectively, the applicable margin is 145 bps.
Financial covenants remain essentially the same, except that the total debt to total capitalization ratio limit of 35% will increase to 37.5% for a period of one year after the closing of the Lender Processing Services acquisition, the release noted.
Merrill Lynch, Pierce, Fenner & Smith Inc., J.P. Morgan Securities LLC, U.S. Bank NA and Wells Fargo Securities, LLC are the joint lead arrangers and joint book managers of the credit facility.
Fidelity is a Jacksonville, Fla.-based provider of title insurance, mortgage and diversified services. Lender Processing Services is a Jacksonville, Fla.-based provider of integrated technology, services and loan performance data and analytics to the mortgage, consumer lending, capital markets and real estate industries.
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