First American Financial plans $400 million sale of 10-year notes

By Andrea Heisinger

New York, May 25 - First American Financial Corp. is planning a $400 million offering of 10-year senior notes (Baa3//BBB-), a source said on Wednesday.

The deal was announced late on Tuesday, and pricing is expected on Thursday.

The notes are being priced under Rule 144A.

Bookrunners are J.P. Morgan Securities LLC, UBS Securities LLC and Wells Fargo Securities LLC.

Proceeds are being used to pay off $200 million on a credit line and to term debt out at a fixed rate.

The financial services, title insurance and settlement company is based in Santa Ana, Calif.

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