First American Corporation Signs $500 Million Credit Agreement With JPMorgan Chase
|August 9, 2004|
SANTA ANA, Calif., /PRNewswire-FirstCall/ -- The First American Corporation has signed a new $500 million syndicated credit facility with JPMorgan Chase. The new, five year revolving credit line was established Aug. 4, 2004, replacing an existing $200 million credit facility scheduled to expire in 2006.
First American has no immediate plans to draw upon the credit facility, which will be used for general corporate purposes and potentially to finance acquisitions of businesses and assets that the company deems beneficial to its existing business segments.
"This credit facility provides First American with greater operating flexibility, and makes resources available to take advantage of possible acquisitions and other opportunities," said Parker S. Kennedy, chairman and chief executive officer of The First American Corporation. "Our lending partners continue to demonstrate the utmost confidence in the future of our business, and we truly appreciate their support."
JPMorgan Chase Bank served as the administrative agent for the credit agreement. Comerica Bank; Union Bank of California, N.A.; US Bank; and Wells Fargo Bank National Association acted as syndication agents.
Source: The First American Corporation