Fidelity National Financial (FNF) has amended and extended its existing $800 million senior unsecured revolving credit facility.
The extension of the credit facility’s maturity date from October 29, 2025, to February 16, 2029, ensures FNF’s long-term financial flexibility, it stated. Additionally, the total commitments under the facility have been maintained at $800 million.
The reduction in pricing means that it is now set at an applicable margin ranging from 90.0 basis points to 147.5 basis points over the Secured Overnight Financing Rate (SOFR), contingent upon FNF’s senior debt ratings.
Presently, with Moody’s and Standard & Poor’s ratings at Baa2 and BBB, respectively, FNF benefits from an applicable margin of 110 basis points and an all-in pricing of 125 basis points.
The amendment includes an increase in the total debt to total capitalization ratio from 35% to 37.5%, along with an updated net worth test date set to September 30, 2023.
The remaining financial covenants of the credit facility have been kept largely unchanged.
The firm was recently in the news for a cyberattack in which around 1.3 million FNF customers had their data stolen by hackers.
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