This Day On The Street
Continue to site
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

StoneMor Partners L.P. Announces Pricing Of Private $175 Million Debt Offering

LEVITTOWN, Pa., May 16, 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"), priced a private offering to eligible purchasers of $175 million aggregate principal amount of Senior Notes due 2021 (the "Notes"). The Notes mature on June 1, 2021 and will bear interest at a rate of 7.875% per year, payable semi-annually on June 1 and December 1 of each year, beginning on December 1, 2013. The Notes are offered at an initial offering price of 97.832% of par, which equates to an effective yield to maturity of approximately 8.250%. The offering is expected to settle and close on May 28, 2013, subject to customary closing conditions. The purpose of the offering is 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 the proceeds from the offering 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.

The Notes will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act and applicable state securities laws. The Notes may be resold by the initial purchasers pursuant to Rule 144A and Regulation S under the Securities Act. This press release is being issued pursuant to Rule 135c under the Securities Act.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,050.75 +138.46 0.82%
S&P 500 2,013.43 +15.91 0.80%
NASDAQ 4,810.7880 +19.6360 0.41%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs