Fidelity National files a $500 million shelf registration

The Firm Has No Immediate Plans to Tap the Shelf Registration

One of the largest title insurance companies in the nation, Fidelity National financial Inc., has filed to offer $500 million of debt securities, common and preferred stock and depository shares.

Its plans for the money: Nothing.

At least not yet.

“It gives us the flexibility to do what we need to do. You want to be prepared when an opportunity comes along,” said Daniel Murphy, Fidelity’s director of investor relations.

Fidelity needed to replenish its supply of shelf instruments, Murphy said, because in January it used its securities to pay off some debts.

Fidelity closed a public offering of 7 million shares of common stock priced at $33.50 in January, including an over-allotment. The proceeds of the offering,$256.2 million,were used to repay both a $100 million, 18-month revolving credit facility due in September and $149.5 million of debt through a $250 million, six-year, revolving credit facility due in five years.

“Having just done the equity offering in January, it made sense to replenish ourselves,” Murphy said. “It is just doing some groundwork for the future. There is nothing planned. But if our future is anything like our past, I am not surprised if we do something.”

A year ago, the company merged with Chicago Title, then the No. 3 title insurance firm nationally, and has been integrating operations since. Fidelity now is planning to grow its market share, Murphy said.

“Last year our focus was on the integration, now the focus is on the competition,” he said.

Fidelity is planning to grow its operations internally to increase its revenue and shareholder value, but it still has its eye open for acquisitions, according to Murphy.

In fact, it already has returned to the M