LEVITTOWN, Pa., March 21, 2013 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (NYSE:STON) ("StoneMor") announced today that it has priced 1,400,000 common units representing limited partner interests in StoneMor at a price to the public of $25.35 per unit. The offering was increased from the previously announced level by 200,000 common units. StoneMor has granted the underwriters a 30-day option to purchase up to 210,000 additional common units to cover over-allotments, if any. StoneMor expects the offering to close on March 26, 2013, subject to customary closing conditions and as described below. StoneMor expects to receive net proceeds of approximately $33.3 million (or approximately $38.4 million if the underwriters exercise their option to purchase an additional 210,000 common units), after deducting the underwriting discount and offering expenses in connection with this offering.
StoneMor intends to use the net proceeds from the common units it is offering to pay down the borrowings outstanding under its existing 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 Janney Montgomery Scott are the underwriters of the offering.This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV