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Stone me.
StoneMor Partners L.P. (NYSE:STON) announced today a public offering, subject to market and other conditions, of 2,600,000 common units representing limited partner interests in StoneMor. In connection with the offering, StoneMor intends to grant the underwriters a 30-day option to purchase up to 390,000 additional common units to cover over-allotments, if any.
StoneMor intends to use the net proceeds from the offering first to pay the purchase price of certain assets to be acquired from Service Corporation International and to use the remainder of the proceeds to pay down borrowings outstanding under its existing credit facility.
In the event the acquisitions of assets from SCI do not close, StoneMor intends to use all of the net proceeds from the offering to pay down borrowings outstanding under its credit facility. If the underwriters exercise their option to purchase additional common units, StoneMor will use the additional net proceeds to pay down borrowings outstanding under its credit facility.
The offering may be made only by means of a prospectus supplement and accompanying base prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. The offering will be made pursuant to an effective shelf registration statement, which was previously filed by StoneMor with the Securities and Exchange Commission, and a prospectus supplement and accompanying base prospectus, which will be filed by StoneMor with the Securities and Exchange Commission. Raymond James and Barclays are serving as joint book-runners for the offering. Janney Montgomery Scott and BB&T Capital Markets are serving as co-managers for the offering.
StoneMor Partners L.P., headquartered in Levittown, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 291 cemeteries and 90 funeral homes in 28 states and Puerto Rico. StoneMor is the only publicly traded death care company structured as a partnership. StoneMor’s cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials, and all services which provide for the installation of this merchandise.
