Key Developments For StoneMor Partners L.P.
StoneMor Partners L.P. (STON.O) (Consolidated Issue listed on NASDAQ Global Market)
StoneMor Partners L.P. Prices Public Offering Of 1,275,000 Common Units
StoneMor Partners L.P. announced that it has priced 1,275,000 common units representing limited partner interests in StoneMor at a price to the public of $17.00 per unit. StoneMor expects the offering to close on November 24, 2009, subject to customary closing conditions and as described below. StoneMor will receive net proceeds of approximately $20.7 million, after deducting the underwriting discount and offering expenses in connection with this offering and including the general partner's proportionate capital contribution. StoneMor has granted the underwriter a 30-day option to purchase up to 191,250 additional common units to cover over-allotments, if any. StoneMor intends to use the net proceeds from this offering to prepay a portion of the borrowings outstanding under its acquisition credit facility and to fund growth capital expenditures, including mausoleum construction, or for general partnership purposes. If the underwriter exercises its option to purchase additional common units, StoneMor will use the additional proceeds to fund growth capital expenditures, including mausoleum construction, or for general partnership purposes.
StoneMor Partners L.P. Announces Pricing Of Private $150 Million Debt Offering
StoneMor Partners L.P. announced that its wholly owned subsidiaries, StoneMor Operating LLC, Cornerstone Family Services of West Virginia Subsidiary, Inc. and Osiris Holding of Maryland Subsidiary, Inc. priced a private offering to eligible purchasers of $150 million aggregate principal amount of Senior Notes due 2017. The notes mature on December 1, 2017 and will bear interest at a rate of 10.25% per year, payable semi-annually on June 1 and December 1 of each year, beginning on June 1, 2010. The notes are offered at an initial offering price of 97.352% of par, which equates to an effective yield to maturity of approximately 10.75%. The offering is expected to settle and close on November 24, 2009, subject to customary closing conditions. The purpose of the offering is to prepay a portion of the outstanding borrowings under the Issuers' existing credit facilities and to redeem $17.5 million of outstanding Series B senior secured notes due 2012. Payment of the notes will be unconditionally guaranteed on a senior unsecured basis by StoneMor and its existing and future subsidiaries that guarantee, or are the borrowers under, StoneMor's existing credit agreement. The private offering of the notes is contingent upon the execution of an amendment to StoneMor's existing senior secured debt obligations.
StoneMor Partners L.P. Announces Public Offering Of 1,275,000 Common Units
StoneMor Partners L.P. announced that it intends to offer, 1,275,000 common units representing limited partner interests in StoneMor. In connection with the offering, StoneMor expects to grant the underwriter a 30 day option to purchase up to 191,250 additional common units to cover over allotments, if any. StoneMor intends to use the net proceeds from the common units offering to prepay a portion of the borrowings outstanding under its acquisition credit facility and to fund growth capital expenditures, including mausoleum construction, or for general partnership purposes. If the underwriter exercises its option to purchase additional common units, StoneMor will use the additional proceeds to fund growth capital expenditures, including mausoleum construction, or for general partnership purposes. Raymond James is the sole underwriter of the common units.
StoneMor Partners L.P. Announces Commencement Of Private $150 Million Debt Offering
StoneMor Partners L.P. announced that its wholly owned subsidiaries, StoneMor Operating LLC, Cornerstone Family Services of West Virginia Subsidiary, Inc. and Osiris Holdings of Maryland Subsidiary, Inc. (together, the Issuers) intend to commence a private offering to eligible purchasers of $150 million aggregate principal amount of Senior Notes due 2017. The Issuers intend to use the net proceeds from the offering to prepay a portion of the outstanding borrowings under its existing credit facilities and to redeem $17.5 million of its outstanding Series B Senior Notes due 2012. Payment of the Notes will be unconditionally guaranteed on a senior unsecured basis by StoneMor and its existing and future subsidiaries (other than the Issuers) that guarantee, or are the borrowers under, StoneMor's existing credit agreement. The private offering of the Notes is contingent upon the execution of an amendment to StoneMor's existing senior secured debt obligations.
StoneMor Partners L.P. Declares Quarterly Cash Distribution
StoneMor Partners L.P. announced that it has declared a cash distribution of $0.5550 per unit, payable on November 11, 2009, to common and subordinated unit holders of record as of the close of business on November 6, 2009.
