First Am Clears Hurdle For Division

First American Corp., Santa Ana, Calif., has received consents from more than half of the holders of its 7.55% senior debentures due 2028 to amend the indenture, clearing another hurdle for the division of its information solutions and financial services businesses into separately traded public companies. The company needed the approval to make the change, as well as the previously received approval of holders of two other debt issues to make a similar change, so the split would not conflict with the terms of those indentures. The separation remains scheduled to take place on June 1. First American extended its tender offers to purchase the 7.55% senior debentures, its 5.70% senior notes due 2014, its 8.50% capital securities due 2012 and the 7.55% trust certificates issued by the Preferred Plus Trust Series Far-1 due 2028 to May 12 at 5 p.m., Eastern Time. Over 99% of the 5.70% senior notes have been tendered for purchase so far, along with 65% of the capital securities, 40% of the 7.55% senior debentures and 48% of the Preferred Plus certificates.