Carriage Services Announces Offering of Senior Notes
May 15 2018 - 8:15AM
Carriage Services, Inc. (NYSE:CSV) (“Carriage Services” or the
“Company”) today announced that it intends to offer, subject to
market and other conditions, $325 million aggregate principal
amount of senior notes due 2026 (the “notes”) through a private
offering to persons who are reasonably believed to be qualified
institutional buyers pursuant to Rule 144A and to certain persons
outside of the United States pursuant to Regulation S, each under
the Securities Act of 1933, as amended (the “Act”).
The notes will be unsecured, senior obligations of
the Company, and interest will be payable semi-annually in arrears.
The notes will initially be fully and unconditionally guaranteed,
on a senior unsecured basis, jointly and severally by each of the
Company’s subsidiaries that is a borrower, or guarantees
indebtedness, under the Company’s new credit facility.
In connection with the offering, the Company
expects to enter into a new $150 million senior secured revolving
credit facility. The new facility is expected to be undrawn
at the closing of the notes offering.
The Company intends to use the net proceeds of the
proposed offering to repay its existing indebtedness under its
existing secured credit facility, and for general corporate
purposes, including acquisitions.
Neither the notes nor the related guarantees have
been, nor will be, registered under the Act or the securities laws
of any other jurisdiction and may not be offered or sold in the
United States absent registration or an applicable exemption from
such registration requirements.
This news release shall not constitute an
offer to sell or the solicitation of an offer to buy any
securities, nor shall there be any offer, solicitation or sale of
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
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. 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.
For more information, please contact Viki Blinderman at 713-332-8568 or Ben Brink at 713-332-8441 or email InvestorRelations@carriageservices.com.
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