FNF Further Adjusts Lender Processing Services' Consideration Mix - Quick Facts
(RTTNews.com) - Fidelity National Financial Inc. (FNF) announced a further adjustment to the consideration mix in the prior announced merger with Lender Processing Services, Inc. (LPS) by raising the cash component of the deal consideration by around $511 million and correspondingly reducing the stock component by an equal amount. However, the total consideration remains the same. FNF said it would currently pay nearly 82% of the deal value for the LPS shares in cash and 18% in FNF common shares.
On May 28, Fidelity National agreed to acquire all outstanding shares of LPS for $33.25 a share, for a total equity value of some $2.9 billion. The consideration was to be paid 50% in cash and 50% in common stock of FNF. On June 19, FNF adjusted the consideration mix by increasing the cash component of the total consideration by about $500 million and correspondingly decreasing the stock component of the consideration by an equal amount.
In a separate press release, Fidelity National Financial reported the completion of the amendment of its existing $800 million senior unsecured revolving credit facility and the amendment of its $1.1 billion delayed-draw term loan and the signing of a commitment letter, that provides for an up to $800 million short-term loan. The bridge loan would mature on the second business day following the funding thereof and would require no scheduled amortization payments.
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