Fidelity National to Offer 6 Million Shares

Fidelity National Financial Inc. said it plans to offer 6 million shares of common stock to the public in an attempt to repay debt under the Irvine title insurer’s existing $800-million credit agreement.

The stock closed Tuesday at $32.38, off 63 cents a share, on the New York Stock Exchange.

In September, Fidelity said it lined up $800 million from Bank of America to help pay for Fidelity’s acquisition of rival Chicago Title Corp. and to refinance some existing debts.

Fidelity said the offering will be made under a shelf registration that covered the issuance of up to $400 million in various securities. Under a shelf filing, a company registers securities in advance and sells them from time to time as needed.

Fidelity National, which has about 68.2 million shares outstanding, expects to price the offering next week.

Merrill Lynch & Co. will serve as the lead manager for the offering. The underwriters will receive an over-allotment option of up to 900,000 additional shares.