StoneMor Partners Prices Public Offering Of 2.60 Mln Units At $23.67 Per Unit

By RTT News, 
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(RTTNews.com) - StoneMor Partners L.P. ( STON ) announced that it has priced 2.60 million common units representing limited partner interests in StoneMor at a price to the public of $23.67 per unit.

StoneMor has granted the underwriters a 30-day option to purchase up to 390,000 additional common units to cover over-allotments, if any. StoneMor expects the offering to close on June 3, 2014.

StoneMor expects to receive net proceeds of approximately $58.2 million (or approximately $67.0 million if the underwriters exercise their option to purchase an additional 390,000 common units), after deducting the underwriting discount and offering expenses in connection with this offering.

StoneMor noted that it intends to use the net proceeds from the offering first to pay the purchase price of certain assets to be acquired from Service Corporation International ("SCI") and to use the remainder of the net proceeds to pay down borrowings outstanding under its existing credit facility.

In the event the acquisitions of assets from SCI do not close, StoneMor intends to use all of the net proceeds from the offering to pay down borrowings outstanding under its 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.

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This article appears in: News Headlines

Referenced Stocks: SCI , STON

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