LEVITTOWN, Pa., May 13, 2013 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (NYSE:STON) ("StoneMor") announced today that it and its wholly owned subsidiary, Cornerstone Family Services of West Virginia Subsidiary, Inc. ("CFS West Virginia" and together, the "Issuers"), intend to commence a private offering to eligible purchasers of $175 million aggregate principal amount of Senior Notes due 2021 (the "Notes"). The Issuers intend to use the proceeds from the offering to fund the pending tender offer and consent solicitation for the existing 10.25% Senior Notes due 2017 and to pay fees and expenses related to the offering, with the balance of such proceeds to be used to pay down borrowings outstanding under StoneMor's credit facility. Payment of the Notes will be unconditionally guaranteed on a senior unsecured basis by StoneMor Operating LLC and each of StoneMor's other existing and future wholly owned subsidiaries (other than CFS West Virginia) that guarantee, or are the borrowers under, StoneMor's existing credit agreement.
StoneMor Partners L.P. Announces Commencement Of Private $175 Million Debt Offering
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