StoneMor Partners L.P. Completes C-Corporation Conversion
December 31 2019 - 8:45AM
StoneMor Partners L.P. (NYSE: STON) (“StoneMor” or the
“Partnership”) and StoneMor GP, LLC
("
GP") today announced the completion of the
previously announced conversion of GP from a Delaware limited
liability company into a Delaware corporation named StoneMor Inc.
(the “
Company” when referring to StoneMor Inc.
subsequent to such conversion) and the merger of a wholly owned
subsidiary of GP with and into the Partnership, with the
Partnership continuing as the surviving entity and a subsidiary of
the Company (the “
Merger”). At the effective time
of the Merger, each Partnership common unit and preferred unit was
converted into the right to receive one share of common stock, par
value $0.01 per share of the Company (the “
Company
Shares”). Based on the Partnership common units and
preferred units outstanding, the Company issued approximately 94.4
million Company Shares to Partnership unitholders in connection
with the Merger.
The Company Shares will begin trading on the New York Stock
Exchange (“NYSE”) under the ticker symbol “STON” when the market
opens on January 2, 2020. In addition, StoneMor Partners L.P.’s
common units will no longer trade on the NYSE.
Effective upon the closing of the Merger, the current members of
the GP Board joined the Board of Directors of the Company.
Biographical information and Board committee composition details
are available at www.StoneMor.com.
About StoneMor Partners L.P.
StoneMor Partners L.P., headquartered in Trevose, Pennsylvania,
is an owner and operator of cemeteries and funeral homes in the
United States, with 321 cemeteries and 89 funeral homes in 27
states and Puerto Rico.
StoneMor is the only publicly traded death care company
structured as a partnership. 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 Partners L.P., 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 anticipated timing of
when Company Shares will begin trading on the NYSE 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 its substantial secured and
unsecured indebtedness, its ability to refinance our 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, service its debt and resume paying distributions, 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 set forth in
StoneMor’s Annual Report on Form 10-K for the Year Ended December
31, 2018 and 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 Partners L.P. |
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(215) 826-4440 |
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