Fidelity National Financial (FNF) sent out an announcement about the amendment and restatement of its existing $925 million senior unsecured revolving credit facility that was scheduled to mature on March 5, 2013.
The total size of the amended credit facility has been reduced to $800 million, with an FNF option to increase the size of the credit facility to $900 million. The maturity date of the amended credit facility is April 16, 2016, and pricing has decreased to an applicable margin of between 132.5 basis points to 160 basis points over LIBOR, depending on the senior debt ratings of FNF.
At the current Moody's and Standard & Poor's senior debt ratings of Baa3/BBB-, respectively, Fidelity noted that the applicable margin is 145 basis points. Financial covenants remain essentially the same as in the previous credit facility, including minimum consolidated net worth and maximum indebtedness to capitalization ratio covenants. Merrill Lynch, Pierce, Fenner & Smith Inc., J.P. Morgan Securities LLC, U.S. Bank National Association and Wells Fargo Securities LLC acted as joint lead arrangers and joint book managers of the credit facility.
Fidelity National Financial is the nation's largest title insurance company through its title insurance underwriters — Fidelity National Title, Chicago Title, Commonwealth Land Title and Alamo Title. The company also owns a majority interest in O'Charley's Inc., a multi-concept restaurant company that operates or franchises restaurants under the O'Charley's, Ninety Nine Restaurant and Stoney River Legendary Steaks concepts. In addition, among other operations, FNF owns minority interests in Ceridian Corp., a leading provider of global human capital management and payment solutions, Remy International Inc., a leading designer, manufacturer, remanufacturer, marketer and distributor of aftermarket and original equipment electrical components for automobiles, light trucks, heavy-duty trucks and other vehicles and American Blue Ribbon Holdings LLC, an owner and operator of the Village Inn, Bakers Square and Max & Erma's restaurants.