This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.  

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,880.36 -31.75 -0.19%
S&P 500 1,970.07 +0.12 0.01%
NASDAQ 4,462.9020 +20.2040 0.45%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs