Fidelity Recap Hits Mart

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Fidelity Recap Hits Mart

Bank of America, J.P. Morgan, Wachovia Securities, Deutsche Bank and Bear Stearns are leading the $3.2 billion credit facility recap for Fidelity National Information Services.

Bank of America, J.P. Morgan, Wachovia Securities, Deutsche Bank and Bear Stearns are leading the $3.2 billion credit facility recap for Fidelity National Information Services. The credit comprises a $400 million revolver, a $1 billion "A" loan and a $1.8 billion "B" loan. The term loans are expected to be priced at LIBOR plus 2%. The revolver will be undrawn at closing. Proceeds will be used to pay a cash dividend to Fidelity National Financial stockholders. The dividend recap is being done in connection with Thomas H. Lee Partners and Texas Pacific Group taking a 25% equity interest in the company for $500 million. The recap is expected to be completed in late February or early March.

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