Fidelity National to launch $3.2 billion facility Tuesday

By Sara Rosenberg

New York, Feb. 14 - Fidelity National Information Services Inc., a subsidiary of Fidelity Financial Inc., will launch its $3.2 billion senior credit facility (Ba3/BB/BB-) into general syndication in a bank meeting Tuesday, according to a market source.

Bank of America, JP Morgan Chase, Wachovia, Deutsche Bank and Bear Stearns are the lead banks on the deal.

The facility consists of a $400 million revolving credit facility, a $1 billion term loan A and a $1.8 billion term loan B, with all three tranches talked in the Libor plus 200 basis points area.

The company held a meeting for senior managing agents on Feb. 2.

Proceeds from the two term loans will be used to help fund the company's recapitalization. The company entered into a stock purchase agreement in late December, under which it would sell an about 25% minority equity interest in its common stock to an investment group led by Thomas H. Lee Partners LP and Texas Pacific Group for a total purchase price of about $500 million.

The revolver is expected to be undrawn at closing.

Fidelity National is a Jacksonville, Fla., provider of technology solutions, processing services and information services to the financial services and real estate industries.

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