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Fidelity National restates $800 million facility, extends to 2022
By Tali Rackner
Minneapolis, May 2 – Fidelity National Financial, Inc. amended and restated its existing $800 million third amended and restated credit agreement on April 27 with Bank of America, NA as administrative agent and swingline lender, according to an 8-K filing with the Securities and Exchange Commission.
The restated credit agreement amends the existing credit agreement to extend the maturity date to April 27, 2022 from July 15, 2018.
Initial interest on revolving loans under the restated credit agreement is equal to Libor plus 140 basis points with a commitment fee of 22.5 bps. The spread over Libor ranges from 110 bps to 160 bps, depending on the company’s senior unsecured long-term debt ratings. The commitment fee is 15 bps to 40 bps, also based on debt ratings.
Certain financial covenants still include limits on the creation of liens, limits on the incurrence of indebtedness, restrictions on investments, dispositions and transactions with affiliates, limitations on dividends and other restricted payments, a minimum net worth and a maximum debt to capitalization ratio of 0.35 times.
Proceeds will be used to refinance all debt under the existing credit agreement and for general corporate purposes, including permitted acquisitions and capital expenditures.
BofA Merrill Lynch, JPMorgan Chase Bank, NA, U.S. Bank NA and Wells Fargo Securities, LLC acted as joint lead arrangers and bookrunners on the credit agreement. JPMorgan, U.S. Bank and Wells Fargo Bank, NA acted as co-syndication agents, and Bank of the West, BMO Harris Bank NA, Citibank, NA, Fifth Third Bank, MUFG Union Bank, NA, PNC Bank, NA and Regions Bank acted as co-documentation agents.
Fidelity is a Jacksonville, Fla.-based provider of title insurance, mortgage and diversified services.
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