First American Financial agrees to issue and sell trust preferred securities through ...


April 18, 1997, SANTA ANA, CALIFORNIA

The First American Financial Corporation (NYSE: FAF) announced today that it has agreed, subject to customary closing conditions, to issue and sell $100 million of 8.5% trust preferred securities, due in 2012, through its wholly owned subsidiary, First American Capital Trust I.

The Company expects to use the proceeds from the sale of these 15-year securities for general corporate purposes, which will include the repayment in full of the variable rate debt portion of the Company's existing Credit Facility, and may include the repayment of the fixed rate debt portion of the Credit Facility, the repayment of sale/leaseback obligations, the financing of the construction of a new corporate facility, investments in or extensions of credit to its subsidiaries and the financing of possible acquisitions.

The First American Financial Corporation, based in Santa Ana, California, is the nation's leading provider of real estate-related financial and informational services. The corporation's subsidiaries include First American Title Insurance Company, a national and international title insurer; First American Real Estate Information Services, Inc., which offers tax monitoring, credit reporting, flood certification, mortgage loan servicing systems, appraisal services and field inspection services nationally; First American Home Buyers Protection Corporation, a home warranty company; and First American Capital Management, an investment firm. The corporation also operates First American Trust Company and First Security Thrift Company in Southern California. First American Financial has more than 10,000 employees in over 400 branch offices in the United States and abroad. Information about the company's subsidiaries and an archive of its press releases can be found at http://www.firstam.com on the Internet.

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