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Fidelity National amends credit agreement, ups revolver by $1 billion
By Tali Rackner
Norfolk, Va., Dec. 18 – Fidelity National Information Services, Inc. amended its existing unsecured credit agreement on Thursday, providing for $4.3 billion of term loans and revolving credit commitments, according to an 8-K filing with the Securities and Exchange Commission.
The amendment provides for $3 billion of revolving commitments that now mature on Dec. 18, 2019. This replaces the existing $2 billion of revolving commitments.
The existing $1.3 billion of term loans maturing on March 30, 2017 were replaced with new term loans, with no change in principal amount or maturity.
Borrowings bear interest at Libor plus 100 basis points to 175 bps, depending on Fidelity’s credit ratings. The commitment fee under the revolvers ranges from 10 bps to 25 bps, also dependent on ratings.
All existing guarantees from Fidelity National’s subsidiaries were eliminated under the amended credit agreement, and, as a result, all guarantees by Fidelity National’s subsidiaries of its outstanding indentures were also automatically terminated.
J.P. Morgan Chase Bank, NA, acted as the administrative agent; and J.P. Morgan Securities LLC; Merrill Lynch, Pierce, Fenner & Smith Inc., Wells Fargo Securities, LLC, HSBC Bank USA, NA, Bank of Tokyo-Mitsubishi UFJ, Ltd. and U.S. Bank NA acted as joint lead arrangers and joint bookrunners.
Fidelity is a Jacksonville, Fla.-based provider of title insurance, mortgage and diversified services.
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