Banking, finance, and taxes
Fidelity National Financial Ups The Offering Ante (FNF)
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Fidelity National Financial, Inc. (NYSE: FNF) has priced its secondary offering this morning, and the result is that it ended up selling more stock than what it had originally planned. The title insurance, specialty insurance, claims management services and information services provider sold some 15.8 million shares of its common stock at $19.00 per share.
J.P. Morgan and Goldman Sachs are the joint book-running managers. Co-Managers are listed as Barclays, Keefe Bruyette & Woods, Piper Jaffray, and Stephens Inc. The underwriters have an overallotment option to sell 2.37 million additional shares at the offering price.
The company has said that the net proceeds are for general corporate purposes, including the potential repayment of indebtedness under its existing $1.1 billion credit agreement.
Shares closed down over $3.00 at $19.30 yesterday, and shares are trading at $18.80 in pre-market trading. The 52-week trading range is $6.66 to $22.85.
JON C. OGG
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