First American Financial signs $900 million five-year revolver

By William Gullotti

Buffalo, N.Y., May 17 – First American Financial Corp. entered into a new $900 million senior unsecured revolving credit agreement with JPMorgan Chase Bank, NA as administrative agent on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

Subject to satisfying certain conditions, the company may expand the facility by up to $450 million via increased revolver commitments or additional term loan tranches.

Unless terminated earlier, the new revolver will terminate May 17, 2028.

Revolver borrowings will bear interest at SOFR plus a margin ranging from 112.5 basis points to 175 bps, as determined by the company’s debt rating.

The new agreement replaces First American’s previous $700 million revolver due April 30, 2024, which was terminated at closing.

The financial services company is based in Santa Ana, Calif.

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