First American to Sell Securities to Fund Acquisitions, Repay Debts
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First American Corp., a Santa Ana company that operates the nation’s second-largest title insurer, said Wednesday that it plans to sell $175 million in debt securities to raise funds for acquisitions, among other things.
The company, which also provides real-estate related financial and information services, said it also would use the proceeds to repay debt and to pay general corporate expenses.
The securities would be bonds that mature in seven years and can be converted to stock at $28 a share. The transaction is structured as a private placement and provides an option for additional bonds worth up to $35 million.
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