Carriage Services Announces Agreements to Exchange Approximately $115 Million of Its 2.75% Convertible Subordinated Notes Due...
May 03 2018 - 7:30AM
Carriage Services, Inc. (NYSE:CSV) (“Carriage Services” or the
“Company”) today announced that it has entered into privately
negotiated exchange agreements with a limited number of holders of
its 2.75% Convertible Subordinated Notes due 2021. Pursuant to the
exchange agreements, the Company will exchange approximately $115
million in aggregate principal amount of convertible notes, for an
aggregate of (i) 2,822,859 newly issued shares of the
Company’s common stock, plus (ii) approximately $75.2 million in
cash.
The Company anticipates that the exchanges will
settle on or about May 7, 2018. Upon settlement of the exchanges,
the aggregate principal amount of the Company’s 2.75% Convertible
Subordinated Senior Notes due 2021 outstanding is anticipated to be
reduced to approximately $29 million.
This announcement does not constitute an offer
to sell, or a solicitation of an offer to buy, any security and
shall not constitute an offer, solicitation or sale in any
jurisdiction in which such offering would be unlawful. The
exchanges are exempt from registration under Section 4(a)(2) of the
Securities Act of 1933, as amended.
About Carriage Services
Carriage Services is a leading provider of
deathcare services and merchandise in the United States. Carriage
operates 178 funeral homes in 29 states and 32 cemeteries in 11
states.
Certain statements made herein or elsewhere by,
or on behalf of, the Company that are not historical facts are
intended to be forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, including,
but not limited to, the Company’s expectations related to the
completion of the exchanges by the date stated herein and the
principal amount of convertible notes outstanding following the
exchanges. These statements are based on assumptions that the
Company believes are reasonable; however, many important factors,
as discussed under "Forward-Looking Statements and Cautionary
Statements" in the Company's Annual Report on Form 10-K for the
year ended December 31, 2017, could cause the Company's 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. The Company assumes no obligation
to update or publicly release any revisions to forward-looking
statements made herein or any other forward-looking statements made
by, or on behalf of, the Company. A copy of the Company's Annual
Report on Form 10-K, and other information about the Company and
news releases, are available at
http://www.carriageservices.com.
Source: Carriage Services, Inc.
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