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Quotes & Info
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| FIS > SEC Filings for FIS > Form 8-K on 11-Jan-2013 | All Recent SEC Filings |
11-Jan-2013
Other Events
On January 11, 2013, Fidelity National Information Services, Inc. (the "Registrant"), repaid the remaining $250 million principal amount of its outstanding term loans due July 18, 2014 (the "Term Loan A-2"), under its Third Amended and Restated Credit Agreement, dated as of March 30, 2012 (the "FIS Credit Agreement"), among the Registrant, JPMorgan Chase Bank, N.A., and certain other parties.
Pursuant to the terms of the FIS Credit Agreement, the collateral posted by the Registrant (and certain of its direct and indirect domestic subsidiaries) will be released by JPMorgan Chase Bank, N.A., as Collateral Agent, when each of the following is true: (i) there is in effect a corporate credit rating of the Registrant and ratings for the credit facilities issued under the FIS Credit Agreement either (A) by Moody's Investors Service, Inc. ("Moody's") of at least Baa3 and by Standard & Poor's Ratings Services ("S&P") of at least BB+, or (B) by S&P of at least BBB- and by Moody's of at least Ba1; (ii) all outstanding loans with respect to the Term Loan A-2 have been repaid in full; and (iii) no Default or Event of Default then exists and is continuing.
Following the repayment of the Term Loan A-2 on the date hereof, clauses (ii) and (iii) in the preceding paragraph will have been satisfied as of the date hereof. To the extent that either Moody's or S&P upgrades the Registrant's corporate credit rating one notch above its existing ratings level (and assuming that the other rating agency does not decrease its ratings below Ba1 or BB+, respectively), clause (i) will also be satisfied, and, assuming there continues to be no Default or Event of Default as of the date of such upgrade, the collateral will be released automatically under the provisions of the FIS Credit Agreement, subject to subsequent automatic reinstatement of the collateral should the minimum ratings required to achieve the release no longer remain in effect.
S&P revised its outlook of the Registrant to positive from stable on April 10, 2012. The positive outlook from S&P reflects their expectation that the Registrant could achieve an investment-grade capital structure over the next year following the change in outlook. However, there can be no assurance that such an upgrade will occur.
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