Help description is as follows.
What do I do I do after this?
Premiere Elements doesn't have tools to adjust the leading between lines of text (regardless of what it says in the Help).
If you need to adjust the leading (the space between lines of text) you'll need to do it in a backgroundless file in Photoshop Elements and then import it as a PSD graphic into Premiere Elements.
Or, much simpler, try another font. Some fonts have naturally tighter leading than other fonts.