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Fidelity National amends, extends revolver, gets new $1.1 billion loan
By Jennifer Chiou
New York, July 11 - Fidelity National Financial, Inc. announced an amendment and extension of its $800 million senior unsecured revolving credit facility as well as the closing of its new $1.1 billion term loan credit facility.
According to a press release, the revolver has been extended to July 15, 2018.
Borrowings will continue to bear interest at Libor plus 132.5 basis points to 160 bps.
The amendment and new term loan are related to Fidelity's previously announced agreement to acquire Lender Processing Services, Inc.
The company previously said in June that lenders holding $595 million of the facility agreed to extend the maturity date to July 15, 2018.
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.
Term loan details
The release stated that the term loan has a maturity date of five years from the funding date, which will be determined by the actual closing date of the acquisition of Lender Processing Services.
There will be mandatory quarterly principal repayments of the term loan equal to 0% in the first year after the funding date, 10% in the second year, 15% in the third year, 20% in the fourth year and 20% in the fifth year.
Bank of America Merrill Lynch, 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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