First American Financial to repay revolver borrowings via new notes

By Marisa Wong

Los Angeles, May 8 – First American Financial Corp. plans to repay outstanding borrowings under its revolving credit facility using proceeds from an offering of senior notes, according to a 424B2 filing with the Securities and Exchange Commission.

As of March 31, outstanding borrowings under the revolver totaled $280 million at an interest rate of 2.49%.

The revolving credit agreement will terminate on April 30, 2024.

A portion of the outstanding amount under the revolver was borrowed to partially fund First American’s acquisitions during the three months ended March 31.

The financial services company is based in Santa Ana, Calif.

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