LEVITTOWN, Pa., Feb. 22, 2013 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (NYSE:STON) today announced it had acquired the Seawinds Funeral Homes located in Central Florida. Seawinds consists of 6 funeral homes situated between Melbourne and West Palm Beach. Two of the homes also contain cremation facilities. The transaction was completed through a combination of cash and equity, and was funded under StoneMor's existing credit facility. It is expected that the properties will be managed by StoneMor's Lohman Funeral Homes operations.
At the same time, StoneMor announced that it had amended its credit agreement to increase its credit facility by $10 million to $140 million.
Commenting on the acquisition and the revised credit agreement, StoneMor Partners President and Chief Executive Officer, Larry Miller, said, "This Seawinds acquisition further enhances our Florida operation in a number of ways. We expect that the acquired properties will be immediately accretive and the acquisition will be deleveraging under our credit facility. We also believe we will be able to grow the business under the Lohman team."The revised credit agreement provided us with the added flexibility to pursue this acquisition. We have built a strong foundation in the Florida market, and we look forward to creating additional value for our unitholders." About StoneMor Partners L.P. StoneMor Partners L.P., headquartered in Levittown, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 276 cemeteries and 92 funeral homes in 26 states and Puerto Rico. StoneMor is the only publicly traded deathcare 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.
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