FNF Gets Credit Extension

Fidelity National Financial Inc., Jacksonville, Fla., has received an extension of its $1.1 billion unsecured revolving credit facility. The line's maturity date has been extended from Oct. 24, 2011 to March 5, 2013 and although the size was cut to $935 million, FNF has an option to increase the limit back to $1.1 billion. Pricing will be in a range of 110 to 190 basis points over Libor, based on FNF's senior debt ratings. Right now FNF has a Moody's rating of Baa3 and a Standard & Poor's rating of BBB-, making the current applicable margin 150 bps. The applicable margin will increase by 50 bps on Oct. 24, 2011. Financial covenants remain the same as in the previous credit facility, including minimum consolidated net worth and maximum indebtedness to capitalization ratio covenants. Bank of America Securities LLC, Wells Fargo Securities LLC, J.P. Morgan Securities Inc., and U.S. Bank NA acted as joint lead arrangers of the credit facility.