Fidelity National Financial Amends and Extends Its $800 Million Senior Unsecured Revolving Credit Facility

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Feb 16, 2024, 08:27 ET

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.

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SOURCE Fidelity National Financial, Inc.