|By PR Newswire||
|January 28, 2014 04:09 PM EST||
JACKSONVILLE, Fla., Jan. 28, 2014 /PRNewswire/ -- Black Knight InfoServ, LLC (formerly Lender Processing Services, Inc.), a wholly owned subsidiary of Black Knight Financial Services, and Black Knight Lending Solutions, Inc. (together, the "Issuers") today announced the solicitation of consents ("Consent Solicitation") from the holders of their 5.75% Senior Notes due 2023 (the "Notes") to certain proposed amendments to the indenture governing the Notes. Pursuant to the supplemental indenture entered on January 2, 2014, Fidelity National Financial, Inc., the indirect parent of the Issuers ("FNF") provided an unconditional, irrevocable guarantee of the Notes, and the Black Knight Lending Solutions, Inc. was added as a "co-issuer" of the Notes. In addition, on January 2, 2014, the Notes were rated as investment grade. As a result, a Covenant Suspension Event (as defined in the indenture) occurred, and most of the restrictive covenants in the indenture were suspended, which suspension remains in effect. The primary purpose of the Consent Solicitation and the proposed amendments is to modify the reporting requirement in the indenture to substitute reporting of FNF for that of the Issuers.
Full details of the terms and conditions of the Consent Solicitation are included in the Consent Solicitation Statement (the "Statement") and the accompanying Consent Letter dated January 28, 2014.
Adoption of the proposed amendments requires the consent of the holders of at least a majority in aggregate principal amount of Notes outstanding (the "Required Consents"). The Consent Solicitation is being made solely to holders of record as of 5:00 p.m. on January 27, 2014 and on the terms and subject to the conditions set forth in the Statement. The Consent Solicitation will expire at 5:00 p.m., New York time, on February 6, 2014, unless extended or terminated by the Issuers (the "Expiration Date"). Subject to receiving the Required Consents and other customary conditions, the Issuers have agreed to make a cash payment of $1.25 per $1,000 aggregate principal amount of Notes (the "Consent Payment") to any holder who validly delivers a duly executed consent prior to the Expiration Date that is not properly revoked. Holders may revoke their consents at any time prior to the earlier of the Expiration Date and the time at which the Required Consents have been obtained. The Consent Payment will be made to the paying agent promptly after the conditions to payment specified in the Statement have been satisfied or waived. If the Consent Solicitation is withdrawn or otherwise not completed for any reason, the Consent Payment will not be paid or payable.
The Issuers expect to execute a supplemental indenture effecting the proposed amendments if the Required Consents are obtained and the general conditions have been satisfied or waived. The supplemental indenture would bind all holders of Notes, including those that did not give their consent, but holders who did not deliver consents prior to the Expiration Date (or delivered Consents but properly revoked them), would not receive the Consent Payment.
Copies of the Statement and other solicitation materials may be obtained from Jefferies LLC, the Solicitation Agent in connection with the Consent Solicitation, and any questions may be directed to the Solicitation Agent, by telephone at 1-877-877-0696 (toll free) or 1-212-284-2435 (collect). Computershare Trust Company, N.A. is acting as the Tabulation Agent and Paying Agent, and Georgeson, Inc. is acting as the Information Agent, in connection with the Consent Solicitation. Questions and requests for additional documents may be directed to the Information Agent in writing at Georgeson Inc., 480 Washington Boulevard, 26th Floor, Jersey City, NY 07310, Attention: Corporate Actions, by telephone at 1-866-729-6811 (toll free) or by facsimile at 201-222-4151.
This press release shall not constitute an offer to purchase or a solicitation of an offer to sell any securities. The Consent Solicitation is not being made in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such solicitation under applicable state or securities laws. No recommendation is being made as to whether holders of Notes should consent to the proposed amendments. The Consent Solicitation is being made only pursuant to the terms of the Statement and related materials, including the Consent Letter. Holders of the Notes should read carefully the Statement and related materials, including the Consent Letter, as they contain important information.
About Black Knight Financial Services, LLC
Black Knight Financial Services, a Fidelity National Financial (NYSE:FNF) company, is the mortgage and finance industries' leading provider of integrated technology, data and analytics solutions. Comprised of technology offerings from the union of LPS and ServiceLink, Black Knight Financial Services offers leading software systems; data and analytics offerings; and information solutions that facilitate and automate many of the business processes across the mortgage life cycle.
Black Knight Financial Services helps clients in the mortgage industry and beyond achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the success of the solicitation, whether the supplemental indenture will be executed, the timing of the consent payments, and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include the receipt and timing of necessary consents from holders, as well as other factors. These forward-looking statements speak only as of the date of this release. The Issuers expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in their expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
SOURCE Black Knight Financial Services
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Sep. 27, 2016 06:15 AM EDT Reads: 2,581
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
Sep. 27, 2016 06:00 AM EDT Reads: 2,550
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Sep. 27, 2016 05:30 AM EDT Reads: 1,145
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Sep. 27, 2016 05:15 AM EDT Reads: 1,443
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Sep. 27, 2016 05:00 AM EDT Reads: 3,571
Digital transformation is too big and important for our future success to not understand the rules that apply to it. The first three rules for winning in this age of hyper-digital transformation are: Advantages in speed, analytics and operational tempos must be captured by implementing an optimized information logistics system (OILS) Real-time operational tempos (IT, people and business processes) must be achieved Businesses that can "analyze data and act and with speed" will dominate those t...
Sep. 27, 2016 04:45 AM EDT Reads: 1,141
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
Sep. 27, 2016 04:30 AM EDT Reads: 1,970
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
Sep. 27, 2016 04:15 AM EDT Reads: 2,075
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
Sep. 27, 2016 04:00 AM EDT Reads: 2,427
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
Sep. 27, 2016 04:00 AM EDT Reads: 2,685
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
Sep. 27, 2016 03:15 AM EDT Reads: 989
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Sep. 27, 2016 03:00 AM EDT Reads: 2,772
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
Sep. 27, 2016 03:00 AM EDT Reads: 2,937
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Sep. 27, 2016 03:00 AM EDT Reads: 1,802
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
Sep. 27, 2016 02:15 AM EDT Reads: 1,726