StoneMor Inc. Announces Extension of Expiration Date for Registered Exchange Offer for Its 9.875%/11.500% Senior Secured PIK ...
July 09 2020 - 8:00AM
StoneMor Inc. (NYSE: STON) (“StoneMor”) today
announced the extension of the expiration date of the exchange
offer for all of the outstanding 9.875%/11.500% Senior Secured PIK
Toggle Notes due 2024 (the “
Old Notes”) issued by
StoneMor Partners L.P. and Cornerstone Family Services of West
Virginia Subsidiary, Inc. (together the “
Issuers”)
for an equal principal amount of new 9.875%/11.500% Senior Secured
PIK Toggle Notes due 2024 (the “
New Notes”) issued
by the Issuers that have been registered under the Securities Act
of 1933, as amended. StoneMor is the sole general partner of
StoneMor Partners L.P. and Cornerstone Family Services of West
Virginia Subsidiary, Inc. is a wholly-owned subsidiary of StoneMor
Partners L.P. The expiration date is hereby extended from
5:00 p.m. New York City time, on July 8, 2020 to 5:00 p.m. New York
City time, on July 9, 2020. Except as described in this press
release, all other terms of the exchange offer remain unchanged.
As of 5:00 p.m. New York City time on July 8, 2020, $349,582,918
aggregate principal amount of Old Notes were validly tendered and
not validly withdrawn.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the New Notes or any other security
and shall not constitute an offer, solicitation or sale in any
state or jurisdiction in which, or to any persons to whom, such an
offer, solicitation or sale would be unlawful. The exchange
offer is being made only pursuant to the prospectus dated June 4,
2020, and the related letters of transmittal and only to such
persons and in such jurisdictions as is permitted under applicable
law.
About StoneMor Inc.
StoneMor, headquartered in Trevose, Pennsylvania, is an owner
and operator of cemeteries and funeral homes in the United States,
with 319 cemeteries and 88 funeral homes in 27 states and Puerto
Rico.
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. For additional information about
StoneMor Inc., please visit StoneMor’s website, and the investors
section, at http://www.stonemor.com.
Cautionary Note Regarding Forward-Looking
Statements
Certain statements contained in this press release, including,
but not limited to, information regarding the timing of the
exchange offer and the issuance of the New Notes in exchange for
the Old Notes, are forward-looking statements. Generally, the words
“believe,” “may,” “will,” “estimate,” “continue,” “anticipate,”
“intend,” “project,” “expect,” “predict,” “focus,” “review,” “cash
flow,” “confident,” “filed timely,” and similar expressions
identify these forward-looking statements. These statements
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995.
Forward-looking statements are based on management’s current
expectations and estimates. These statements are neither promises
nor guarantees and are made subject to certain risks and
uncertainties that could cause actual results to differ materially
from the results stated or implied in this press release.
StoneMor’s major risks are related to uncertainties associated with
current business and economic disruptions resulting from the recent
coronavirus pandemic, including the effect of government
regulations issued in connection therewith, StoneMor’s substantial
secured and unsecured indebtedness, its ability to refinance its
secured indebtedness in the near term, uncertainties associated
with the cash flow from pre-need and at-need sales, trusts and
financings, which may impact StoneMor’s ability to meet its
financial projections and service its debt, as well as with
StoneMor’s ability to maintain an effective system of internal
control over financial reporting and disclosure controls and
procedures.
When considering forward-looking statements, you should keep in
mind the risk factors and other cautionary statements discussed in
the Registration Statement on Form S-4 including the annex thereto,
as filed by the Issuers with the U.S. Securities and Exchange
Commission and as amended, relating to the exchange offer or in the
other reports that StoneMor files with the Securities and Exchange
Commission, from time to time. Except as required under applicable
law, StoneMor assumes no obligation to 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.
CONTACT: |
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Investor Relations |
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StoneMor Inc. |
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(215) 826-4438 |
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