First American Financial: Pricing Senior Notes Offering

First American Financial Corporation (NYSE: FAF) has announced the pricing of a public offering of $450 million of its 5.450 percent senior notes due 2034. The offering is expected to close on September 30, 2024, subject to customary conditions. The notes will be general senior unsecured obligations of the company, ranking equally with existing and future senior unsecured indebtedness. Interest will be paid semi-annually on March 30 and September 30, beginning March 30, 2025.

The company plans to use the net proceeds from the sale of the notes for repayment at maturity of the company’s 4.60% senior notes due 2024 and for general corporate purposes, which may include, among other possible uses, acquisitions, funding for working capital, repurchase of the company’s capital stock and other capital expenditures. The company may also use the net proceeds for temporary investments until it needs them for general corporate purposes.

The notes are being offered pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission. The notes were offered and will be sold only by means of a prospectus supplement and accompanying base prospectus.