First American Financial amends ratio requirement under revolver

By Marisa Wong

Madison, Wis., Nov. 15 - First American Financial Corp. amended its credit agreement dated April 17, 2012 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

The amendment decreases the maximum total debt to total capitalization ratio to 30% from 35% and permanently releases the collateral and guarantees associated with the four-year $600 million senior secured revolving credit facility.

The amendment also increases the total stockholders' equity that the company is required to maintain by an amount equal to half of the company's consolidated positive net income for each fiscal quarter.

First American Financial completed the amendment on Nov. 14.

First American Financial provides title insurance and settlement services to the real estate and mortgage industries and is located in Santa Ana, Calif.

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