LEVITTOWN, Pa., May 29, 2013 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (Nasdaq:STON) recently completed the pricing of $175 Million 7.875% Senior Notes due 2021. This followed the recently announced tender offer for its existing 10.25% Senior Notes due 2017. The Company stated that these corporate actions will result in a cash interest savings of approximately $1.6 million per year and the extended maturity date offers additional options with respect to its capital management strategy.
Commenting on the recent activity, Chairman and Chief Executive Officer Lawrence Miller said, "As a growing company, we strive to manage our capital with the goal of keeping our financial profile as conservative as possible. The prolonged low interest rate environment has provided us with the opportunity to take these combined actions, which we believe will further lower our company's risk profile. The additional four years provided by extended maturity also means that we have that much more time before a near term maturity date begins to limit our capital options.
"In addition to managing our financial profile," continued Miller, "we are also committed to creating value for our unit holders. The savings created by these actions, along with continued financial performance allow us to increase our distribution by a half a cent per quarter, the third such increase in the past eight months. We are delighted to be able to do this now, and we will continue to be focused on any opportunity to strengthen our company and create 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 28 states and Puerto Rico. StoneMor is the only publicly traded death care 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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts