The First American Corporation Announces Results of Tender Offers and Consent Solicitations; Accepts Validly Tendered Securities for Purchase
SANTA ANA, Calif., May 13 /PRNewswire-FirstCall/ -- The First American Corporation (NYSE: FAF), America's largest provider of business information, today announced the results of its offers to purchase all of its outstanding 7.55 percent senior debentures due 2028, all of its outstanding 5.70 percent senior notes due 2014, all outstanding 8.50 percent capital securities due 2012 of First American Capital Trust I and all outstanding 7.55 percent trust certificates issued by the PREFERRED PLUS Trust Series Far-1 due 2028, which expired at 5 p.m., Eastern time, on May 12, 2010. First American has accepted for purchase, and will promptly pay for, all securities validly tendered in such tender offers. First American anticipates that the settlement date of the above tender offers, as well as the separate consent solicitation in respect of its 7.55 percent senior debentures due 2028, will be Friday, May 14, 2010. The aggregate amounts of securities validly tendered and accepted for purchase are set forth in the table below.
Security |
CUSIP No. |
Outstanding Amount |
Principal Amount Tendered And Accepted for Purchase |
|
7.55% Senior Debentures due 2028 |
318522AA7 |
$100,000,000 |
$40,355,000 (40.36%) |
|
5.70% Senior Notes due 2014 |
31848JAA7 |
$150,000,000 |
$148,825,000 |
|
8.50% Capital Securities due 2012 of First American Capital Trust I |
31847JAB6 |
$100,000,000 |
$65,232,000 |
|
PREFERRED PLUS 7.55% |
740434659 |
$45,000,000 |
$21,819,000 |
|
As previously announced, holders of First American's 5.70 percent senior notes due 2014 and 7.55 percent senior debentures due 2028, and holders of the 8.50 percent capital securities due 2012 of First American Capital Trust I, approved First American's proposed amendments to the related indentures. The indenture amendments expressly affirm that the pending separation transaction, currently targeted for June 1, 2010, in which the Information Solutions Group and Financial Services Group will become separate public companies, does not conflict with the terms of such indenture. First American and the trustee under the indentures have executed supplemental indentures effecting the proposed amendments.
About First American
The First American Corporation (NYSE: FAF) is a FORTUNE 500® company that traces its history to 1889. With total revenues of approximately $6.0 billion in 2009, it is America's largest provider of business information. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people's lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Information and Outsourcing Solutions, Data and Analytic Solutions, and Risk Mitigation and Business Solutions. More information about the company and an archive of its press releases can be found at www.firstam.com.
Forward-Looking Statements
Certain statements made in this press release, including those related to the consummation of the spin-off separation and the structure and timing thereof, are "forward-looking statements." These forward-looking statements may contain the words "intend," "anticipate," "expect," "plan," "predict," "estimate," "project," "will be," "will continue," "will likely result" or other similar words and phrases. Risks and uncertainties exist that may cause results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include those described in the Part I, Item 1A of First American's annual report on Form 10-K for the year ended Dec. 31, 2009. The forward-looking statements speak only as of the date they are made. Except as required by law, First American does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
Media Contact: |
Investor Contacts: |
|
Carrie Gaska |
Craig Barberio |
|
Corporate Communications |
Investor Relations (Financial Services group) |
|
The First American Corporation |
The First American Corporation |
|
(714) 250-3298 |
(714) 250-5214 |
|
Dan Smith |
||
Investor Relations (Information Solutions group) |
||
The First American Corporation |
||
(703) 610-5410 |
||
SOURCE The First American Corporation
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