SANTA ANA, Calif.
April 17, 2012
First American Financial Corporation
(NYSE: FAF), a leading global provider of title insurance and settlement services for residential and commercial real estate transactions, today announced that it has entered into a new four-year
senior secured revolving credit facility maturing
The facility was oversubscribed during the syndication and the company exercised its option to increase the size of the facility from
in connection with the closing. This facility replaces the company's
revolving facility that would have matured on
, 2013. J.P. Morgan Securities LLC, U.S. Bank National Association and Wells Fargo Securities, LLC served as joint lead arrangers and joint bookrunners under the new facility.
Pricing under the facility reflects a 75 basis point reduction from the prior facility. The financial covenants contained in the facility mirror those of the prior facility, while certain other provisions no longer apply at current ratings, have become less restrictive or have been removed. In addition, the facility provides for a release of the security if the company meets certain ratings levels.
About First American
First American Financial Corporation (NYSE: FAF)
is a leading provider of title insurance and settlement services to the real estate and mortgage industries, that traces its heritage back to 1889. First American and its affiliated companies also provide title plant management services; title and other real property records and images; valuation products and services; home warranty products; property and casualty insurance; and banking, trust and investment advisory services. With revenues of
in 2011, the company offers its products and services directly and through its agents and partners in all 50 states and abroad. More information about the company can be found at
Media Contact:Carrie NavarifarCorporate CommunicationsFirst American Financial Corporation(714) 250-3298