First American Financial Corp (FAF): debt financing — First American enters new $900M credit facility, upsizes from $700M, matures 2028

First American Financial Corp

New $900M unsecured revolving credit facility entered May 17, 2023, matures May 17, 2028.
Replaces prior $700M credit agreement dated April 30, 2019, which was terminated.
Expansion option permits up to $450M additional commitments or term loans.
Interest based on SOFR plus spread tied to credit ratings; min SOFR spread 1.125%.
Proceeds for general corporate purposes; no guarantees or security.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

First American Financial Corp incurred revolving credit of $900.0 million with JPMorgan Chase Bank, N.A., as administrative agent at Alternate Base Rate plus the applicable spread, Adjusted Term SOFR Rate plus the maturing May 17, 2028.

Instrument: revolving credit
Principal: $900.0 million
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
Rate: Alternate Base Rate plus the applicable spread, Adjusted Term SOFR Rate plus the
Maturity: May 17, 2028
Event: incurrence

Exact text from the filing

On May 17, 2023, First American Financial Corporation (the “Company”) entered into a senior unsecured credit agreement with JPMorgan Chase Bank, N.A. (“JPMorgan”), in its capacity as administrative agent, and the lenders party thereto that provides for a $900.0 million revolving credit facility.

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Source: SEC EDGAR

accession 0000950170-23-022737

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