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StoneMor Partners L.P. Prices Upsized Public Offering Of Common Units

LEVITTOWN, Pa., Feb. 3, 2011 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (Nasdaq:STON) ("StoneMor") announced today that it has priced 4,874,366 common units representing limited partner interests in StoneMor at a price to the public of $29.25 per unit. The offering was increased from the previously announced level by 225,000 common units to be sold by StoneMor. Of the 4,874,366 common units, StoneMor is selling 3,025,000 common units and certain unitholders are selling 1,849,366 common units. StoneMor expects the offering to close on February 9, 2011, subject to customary closing conditions and as described below.  StoneMor expects to receive net proceeds of approximately $85.0 million, after deducting the underwriting discount and offering expenses in connection with this offering and including the general partner's proportionate capital contribution of approximately $1.8 million. StoneMor will not receive any proceeds from the sale of common units by the selling unitholders. StoneMor has granted the underwriters a 30-day option to purchase up to 731,155 additional common units to cover over-allotments, if any.  

StoneMor intends to use the net proceeds from the common units it is offering and the related capital contribution by its general partner: (1) to redeem in full outstanding 12.5% Series B and 12.5% Series C senior secured notes due August 2012 and pay an aggregate make-whole premium related thereto; (2) to prepay the borrowings outstanding under its existing acquisition credit facility; (3) to pay down the borrowings outstanding under its existing revolving credit facility; and (4) to fund capital improvements or for general partnership purposes. If the underwriters exercise their option to purchase additional common units, StoneMor will use the additional net proceeds and related capital contribution by its general partner to fund capital improvements or for general partnership purposes.  

The common units are being offered and sold pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission (the "SEC"). The offering may be made only by means of a prospectus supplement, filed with the SEC, and the related base prospectus.  Raymond James and Barclays Capital are serving as bookrunners of the offering, and Baird and Janney Montgomery Scott are acting as co-managing underwriters of the offering.  

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