Fidelity National Financial Inc. (FNF) announced the price of its issuance of $400 million of 5.5 percent notes due Sept. 1, 2022, through joint book-running managers Merrill Lynch, Pierce, Fenner & Smith Inc., Barclays Capital Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC.
The notes were priced at 99.513 to yield 5.564 percent. The notes will pay interest semi-annually on the 1st of March and September, beginning March 1, 2013, and mature on Sept. 1, 2022. Jefferies & Company Inc.; Stephens Inc.; Dowling & Partners Securities LLC; and Keefe, Bruyette & Woods Inc. acted as co-managers.
The net proceeds of the issuance of the notes will be used to fund the repayment of the $236.5 million aggregate principal amount outstanding of FNF’s 5.25 percent unsecured notes maturing in March 2013 and the remainder for general corporate purposes.
“This issuance enhances our longer-term liquidity profile and continues our strategy of conservatively managing our balance sheet and liquidity position,” said George Scanlon, chief executive officer of FNF. “The proceeds provide the flexibility to fund the March 2013 debt maturity and leave our balance sheet with no long-term debt maturing until May 2017.”