HOUSTON, Dec. 5, 2017 /PRNewswire/ -- Service
Corporation International (NYSE: SCI) (the "Company") announced
today that it intends to offer $525
million aggregate principal amount of senior notes, subject
to market and other conditions. The offering will be made by means
of an underwritten public offering pursuant to an effective shelf
registration statement filed with the Securities and Exchange
Commission. The Company will use net proceeds from the offering,
together with additional borrowings, to refinance its existing
credit facilities and redeem outstanding notes, and pay related
fees and expenses. Upon closing of the offering, the Company
intends to redeem approximately $250
million aggregate principal amount of its 7.625% Senior
Notes due 2018.
The additional borrowings are expected to come from a
$1.675 billion unsecured credit
agreement maturing in 2022 that the Company expects to enter into
on December 6, 2017. The credit
agreement will provide for a $1
billion revolving credit facility and a $675 million Term Loan A. Commitments have been
received for the revolving credit facility and Term Loan A, subject
to customary closing conditions.
J.P. Morgan will act as the lead joint book-running manager for
the offering. The offering may be made only by means of a
prospectus supplement and accompanying base prospectus. The
prospectus supplement will be filed with the SEC and may be found
on its website at www.sec.gov. When available, copies of the
prospectus supplement relating to the public offering may be
obtained from:
J.P. Morgan Securities LLC
[c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Attention: Prospectus Department
Telephone: (866) 803-9204
Email: prospectus-eq_fi@jpmchase.com]
This press release does not constitute an offer to sell nor the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state in which such offer, solicitation or
sale would be unlawful. The notes will be offered only by means of
a prospectus supplement and accompanying base prospectus. This
press release does not constitute a notice of redemption with
respect to the notes being redeemed.
Cautionary Statement on Forward-Looking Statements
The statements in this press release that are not historical
facts are forward-looking statements. These forward-looking
statements have been made in reliance on the "safe harbor"
protections provided under the Private Securities Litigation Reform
Act of 1995. These statements may be accompanied by words
such as "believe," "estimate," "project," "expect," "anticipate,"
or "predict," that convey the uncertainty of future events or
outcomes. These statements are based on assumptions that the
Company believes are reasonable; however, many important factors
could cause the Company's actual results in the future to differ
materially from the forward-looking statements made herein and in
any other documents or oral presentations made by, or on behalf of
the Company. There can be no assurance that future dividends
will be declared. The actual declaration of future dividends,
and the establishment of record and payment dates, is subject to
final determination by the Company's Board of Directors each
quarter after its review of the Company's financial
performance. Important factors which could cause actual
results to differ materially from those in forward-looking
statements include, among others, restrictions on the payment of
dividends under existing or future credit agreements or other
financing arrangements; changes in tax laws relating to corporate
dividends; a determination by the Board of Directors that the
declaration of a dividend is not in the best interests of the
Company and its shareholders; an increase in the Company's cash
needs or a decrease in available cash; or a deterioration in the
Company's financial condition or results. For further
information on these and other risks and uncertainties, see the
Company's Securities and Exchange Commission filings, including its
2016 Annual Report on Form 10-K/A. Copies of this document as
well as other SEC filings can be obtained from the website at
http://www.sci-corp.com. The Company has no obligation
and makes no undertaking to publicly update or revise any
forward-looking statements made herein or any other forward-looking
statements made by it, whether as a result of new information,
future events or otherwise.
About Service Corporation International
Service Corporation International, headquartered in Houston, Texas, is North America's leading provider of deathcare
products and services. At September 30,
2017, it owned and operated 1,509 funeral homes and 476
cemeteries (of which 287 are combination locations) in 45 states,
eight Canadian provinces, the District of
Columbia, and Puerto Rico.
Through its businesses, the Company markets the Dignity Memorial®
brand, which offers assurance of quality, value, caring service,
and exceptional customer satisfaction. For more information about
Service Corporation International, please visit the website at
www.sci-corp.com. For more information about Dignity Memorial®,
please visit www.dignitymemorial.com.
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SOURCE Service Corporation International