Fidelity National Raises $256 Million
Fidelity National Financial Inc., which operates the nation’s largest title insurance company, said Tuesday that it has completed a public offering of 7 million shares to raise net proceeds of $256.2 million.
The Irvine insurer said in a news release that it sold the stock at $33.50 a share and that underwriters acquired an additional 1.05 million shares as their so-called over-allotment option.
The net proceeds were used to repay both the company’s $100-million revolving credit arrangement and its $149.5-million indebtedness outstanding under a separate loan arrangement.
The company’s stock lost 40 cents to close at $35.40 a share on the New York Stock Exchange.
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