Business & Finance
Thu, April 19, 2012Wed, April 18, 2012Tue, April 17, 2012Mon, April 16, 2012Sun, April 15, 2012Sat, April 14, 2012Fri, April 13, 2012First American Financial Corporation Announces Four-Year $600 Million Revolving Credit Facility
Published in Business and Finance on Tuesday, April 17th 2012 at 13:35 GMT by Market Wire
First American Financial Corporation Announces Four-Year $600 Million Revolving Credit Facility -- SANTA ANA, Calif., April 17, 2012 /PRNewswire/ --
First American Financial Corporation Announces Four-Year $600 Million Revolving Credit Facility
SANTA ANA, Calif., April 17, 2012 /PRNewswire/ -- First American Financial Corporation (NYSE: [ FAF ]), a leading global provider of title insurance and settlement services for residential and commercial real estate transactions, today announced that it has entered into a new four-year $600 million senior secured revolving credit facility maturing April 17, 2016.
The facility was oversubscribed during the syndication and the company exercised its option to increase the size of the facility from $500 million to $600 million in connection with the closing. This facility replaces the company's $400 million revolving facility that would have matured on June 1, 2013. J.P. Morgan Securities LLC, U.S. Bank National Association and Wells Fargo Securities, LLC served as joint lead arrangers and joint bookrunners under the new facility.
Pricing under the facility reflects a 75 basis point reduction from the prior facility. The financial covenants contained in the facility mirror those of the prior facility, while certain other provisions no longer apply at current ratings, have become less restrictive or have been removed. In addition, the facility provides for a release of the security if the company meets certain ratings levels.
About First American
First American Financial Corporation (NYSE: FAF) is a leading provider of title insurance and settlement services to the real estate and mortgage industries, that traces its heritage back to 1889. First American and its affiliated companies also provide title plant management services; title and other real property records and images; valuation products and services; home warranty products; property and casualty insurance; and banking, trust and investment advisory services. With revenues of $3.8 billion in 2011, the company offers its products and services directly and through its agents and partners in all 50 states and abroad. More information about the company can be found at [ www.firstam.com ].
Media Contact:
Carrie Navarifar
Corporate Communications
First American Financial Corporation
(714) 250-3298
Investor Contact:
Craig Barberio
Investor Relations
First American Financial Corporation
(714) 250-5214
SOURCE First American Financial Corporation
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[ http://www.firstam.com ]
