JACKSONVILLE, Fla., April 23, 2015 /PRNewswire/ -- Black Knight Financial Services, LLC, a Delaware limited liability company ("BKFS"), today announced that its wholly-owned subsidiary, Black Knight InfoServ, LLC, a Delaware limited liability company ("BKIS" or the "Company"), intends to raise a new $1.6 billion senior secured credit facility (the "Facilities"), anticipated to be comprised of a $400 million five-year senior secured revolver, $800 million five-year senior secured term loan A facility and $400 million seven-year senior secured term loan B facility.
The proceeds of the Facilities are expected to be used to repay, in part, the mirror loan and intercompany loans from Fidelity National Financial, Inc. ("FNF"), the indirect parent of BKIS, and pay related costs and expenses. The Facilities will be borrowed by BKIS, guaranteed by BKFS, BKIS and certain of BKIS's existing and future domestic subsidiaries and be secured by substantially all tangible and intangible assets of BKFS, BKIS and certain of BKIS's existing and future domestic subsidiaries.
There can be no assurances that the Company will be successful in its marketing efforts or that it will be able to enter into any of the Facilities. The final amounts of the Facilities and the component tranches are subject to change. Closing of the Facilities, which is anticipated to occur immediately after the proposed initial public offering (the "IPO") of the class A common stock of Black Knight Financial Services, Inc., a Delaware corporation ("BKFS Inc."), is subject to the completion of the IPO and market conditions, as well as the negotiation and execution of definitive documents and the satisfaction of customary closing conditions.
BKFS also today announced that BKIS and Black Knight Lending Solutions, Inc., a wholly-owned subsidiary of BKIS, have issued a notice of redemption to redeem approximately $205 million aggregate principal amount of their outstanding 5.75% Senior Notes Due 2023 at a redemption price of 105.75% of the principal amount thereof, plus accrued and unpaid interest on the notes redeemed to, but not including, the redemption date of May 29, 2015. The paying agent will be U.S. Bank National Association. The principal, premium and interest accrued will be paid from a portion of the proceeds of the IPO. Following the redemption, the principal amount of the notes outstanding will be $390 million and will remain guaranteed by FNF. The redemption is subject to the completion of the IPO.
About Black Knight Financial Services, LLC
BKFS, a Fidelity National Financial (NYSE:FNF) company, is the mortgage and finance industries' leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle.
BKFS is committed to being the premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership.
Forward Looking Statements
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on BKFS management's beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. BKFS undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: the closing of the Facilities, the IPO and the redemption, regional, national or global political, economic, business, competitive, market and regulatory conditions and other risks detailed in the "Cautionary Note Regarding Forward-Looking Statements," "Risk Factors," other cautionary statements regarding forward-looking statements and other sections of BKFS Inc.'s filings with the Securities and Exchange Commission.
SOURCE Black Knight Financial Services