Fidelity National Information Services Inc. has announced the final terms for its planned spinoff of its mortgage servicing unit, Lender Processing Services Inc.
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The Jacksonville, Fla., vendor said in a regulatory filing last week that the spinoff would take on $1.585 billion of debt, with a $140 million revolving credit facility, and that Fidelity would retire an equal amount of its own debt in conjunction with the spinoff, which the Internal Revenue Service has approved as tax-free transaction.
The spinoff is expected to take place July 2, one day later than previously planned, Fidelity said.
