Fidelity Reports Recap Commitments

Fidelity National Financial, Jacksonville, Fla., has announced that its mortgage and banking technology business, Fidelity National Information Services, has received commitments for $3.2 billion in credit facilities needed to bring about a previously announced recapitalization.The senior credit facilities consist of two term loans of $1 billion and $1.8 billion and a $400 million revolving credit facility. FNF said FNIS intends to fully draw upon the $2.8 billion in term loans at closing, at an expected interest rate of 200 basis points above the London interbank offered rate. Once the deal is closed, Fidelity will pay a $10-per-share dividend to its shareholders. The recapitalization plan was announced in December in connection with an agreement to sell a 25% stake in FNIS to Thomas H. Lee Partners LP and Texas Pacific Group for $500 million. FNF chairman and chief executive William P. Foley II said the recapitalization, the special dividend payment, and the closing of the 25% equity interest sale will all occur in late February or early March. Leading the lender consortium providing the credit facilities will be Bank of America, J.P. Morgan Chase, Wachovia, Deutsche Bank, and Bear, Stearns & Co. Fidelity can be found online at http://www.fnf.com.