This Day On The Street
Continue to site
ADVERTISEMENT
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 Successful Results Of The Tender Offer For Its Outstanding 10.25% Senior Notes Due 2017

LEVITTOWN, Pa., May 24, 2013 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (NYSE:STON) ("StoneMor") announced today that its wholly owned subsidiaries, StoneMor Operating LLC, Cornerstone Family Services of West Virginia Subsidiary, Inc. and Osiris Holding of Maryland Subsidiary, Inc. (together, the "Issuers"), had received, as of 5:00 p.m., New York City time today (the "Consent Expiration"), tenders and consents from the holders of approximately $132.2 million in aggregate principal amount, or approximately 88.1%, of their outstanding 10.25% senior notes due 2017 (the "2017 Senior Notes") in connection with the previously announced tender offer (the "Offer") for any and all of the 2017 Senior Notes and the related solicitation of consents ("Consent Solicitation") to proposed amendments that would shorten to three business days the minimum notice period for optional redemptions and would eliminate substantially all of the restrictive covenants and certain events of default provisions contained in the indenture governing the 2017 Senior Notes (the "Indenture"). The Issuers have entered into a supplemental indenture to the Indenture that makes the proposed amendments effective, and the amendments will become operative when the Issuers have purchased a majority in principal amount of the outstanding 2017 Senior Notes.

Subject to the closing of StoneMor's pending private offering of senior notes on May 28, 2013 and the satisfaction or waiver of the other conditions to the Offer, Holders who validly tendered their 2017 Senior Notes and provided their consents to the amendments to the Indenture before the Consent Expiration will be eligible to receive the Total Consideration plus accrued and unpaid interest to the payment date, which is expected to be May 28, 2013. The Total Consideration for each $1,000 principal amount of 2017 Senior Notes validly tendered and not validly withdrawn prior to the Consent Expiration is $1,100.11, which includes a consent payment of $30.00 per $1,000 principal amount of 2017 Senior Notes.

1 of 3

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
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs