The First American Financial Corporation announces refinancing of its $65 million credit facility


November 30, 1994, SANTA ANA, CALIFORNIA

The First American Financial Corporation (NYSE: FAF) announced today that the company has refinanced its $65 million credit facility to provide for an additional $20 million of variable rate indebtedness to pay down existing higher rate trust deed indebtedness as well as provide for additional liquidity in the form of a $30 million revolving credit facility. The syndicate of banks, led by the Chase Manhattan Bank, N.A., has also agreed to provide a reduced variable interest rate and has eliminated or relaxed several restrictive covenants.

"The revised covenants provide First American with greater operating flexibility and also enhance our ability to make significant strategic acquisitions," said President Parker S. Kennedy.

The First American Financial Corporation, based in Santa Ana, California, is a leading provider of real estate financial services, including title insurance, tax monitoring, home warranty, credit reporting and property information services, to real property buyers and mortgage lenders. The company also operates a trust and banking business in Southern California. The company offers its title services through a network of more than 300 offices and 4,000 agents throughout the United States. It also provides title services abroad in the Bahama Islands, Bermuda, Canada, Guam, Mexico, Puerto Rico, the U.S. Virgin Islands and the United Kingdom.

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