JACKSONVILLE, Fla., Feb. 15,
2024 /PRNewswire/ -- Fidelity National Financial,
Inc. (NYSE: FNF) (FNF or the Company) today announced the
amendment and extension of its existing $800
million senior unsecured revolving credit facility (the
Credit Facility).
The maturity date of the Credit Facility has been extended from
October 29, 2025 to February 16, 2029 and total commitments remain
$800 million. Pricing has decreased
to an applicable margin of between 90.0 basis points to 147.5 basis
points over the Secured Overnight Financing Rate (SOFR) depending
on the senior debt ratings of FNF. At the current Moody's and
Standard & Poor's senior debt ratings of Baa2/BBB,
respectively, the applicable margin is 110 basis points and all-in
pricing is 125 basis points. The total debt to total
capitalization ratio will increase from 35% to 37.5% and the net
worth test date was amended to September 30,
2023. All other financial covenants remain essentially the
same.
Bank of America Securities, Inc., J.P. Morgan Chase Bank, N.A.,
U.S. Bank National Association and Wells Fargo Securities, LLC
acted as joint lead arrangers and joint book managers of the Credit
Facility.
About Fidelity National Financial, Inc.
Fidelity
National Financial, Inc. (NYSE: FNF) is a leading provider of title
insurance and transaction services to the real estate and mortgage
industries, and a leading provider of insurance solutions serving
retail annuity and life customers and institutional clients through
its majority owned subsidiary F&G Annuities & Life, Inc.
(NYSE: FG). FNF is the nation's largest title insurance company
through its title insurance underwriters - Fidelity National Title,
Chicago Title, Commonwealth Land Title, Alamo Title and National
Title of New York - that
collectively issue more title insurance policies than any other
title company in the United
States. More information about FNF can be found at
www.fnf.com.
Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements that involve
a number of risks and uncertainties. Statements that are not
historical facts, including statements regarding our expectations,
hopes, intentions or strategies regarding the future are
forward-looking statements. Forward-looking statements are based on
management's beliefs, as well as assumptions made by, and
information currently available to, management. Because such
statements are based on expectations as to future financial and
operating results and are not statements of fact, actual results
may differ materially from those projected. We undertake no
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise. The risks
and uncertainties which forward-looking statements are subject to
include, but are not limited to: changes in general economic,
business, political crisis, war and COVID-19 conditions, including
ongoing geopolitical conflicts; weakness or adverse changes in the
level of real estate activity, which may be caused by, among other
things, high or increasing interest rates, a limited supply of
mortgage funding or a weak U.S. economy; our potential inability to
find suitable acquisition candidates; our dependence on
distributions from our title insurance underwriters as a main
source of cash flow; significant competition that F&G and our
operating subsidiaries face; compliance with extensive government
regulation of our operating subsidiaries; and other risks detailed
in the "Statement Regarding Forward-Looking Information," "Risk
Factors" and other sections of FNF's Form 10-K and other filings
with the Securities and Exchange Commission.
FNF-G
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SOURCE Fidelity National Financial, Inc.