Fidelity National Financial Inc., Jacksonville, Fla., this week priced a $400 million offering of 10-year notes that yield 5.564% in 2022.
Proceeds of the debt offering will be used to pay the $236.5 million principal balance remaining on FNF’s 5.25% unsecured notes which mature in March 2013.
"This issuance enhances our longer-term liquidity profile and continues our strategy of
Joint book-running managers include Merrill Lynch, Barclays Capital, J.P. Morgan Securities, and Wells Fargo Securities LLC.
Meanwhile, Entitle Direct Group Inc., a Stamford, Conn.-based title underwriter which markets its product directly to consumers rather than through agents, received a $19 million investment commitment from PartnerRe, which is in the reinsurance business. Existing shareholders in the firm are invited to invest another $2 million.
The new funds will allow Entitle Direct to expand its business, said Timothy Dwyer, CEO.
This is PartnerRe’s first investment in the title insurance industry. "We believe that Entitle Direct Group has created a unique solution to the residential title insurance model, and we are pleased to make a minority investment in the company to enable it to continue to grow." says Andrew Turnbull, group strategy and business development officer of PartnerRe.
Dwyer added, “Having the available expertise of PartnerRe and its superb senior management team will support the continued expansion of Entitle.”
