Carriage Services Announces Pricing of Senior Notes Offering
April 29 2021 - 4:40PM
Carriage Services, Inc. (NYSE: CSV) (“Carriage Services” or the
“Company”) today announced that it priced its private offering of
$400 million aggregate principal amount of 4.25% senior notes due
2029 (the “notes”). The notes are being offered to persons who are
reasonably believed to be qualified institutional buyers pursuant
to Rule 144A and to certain non-U.S. persons outside of the United
States pursuant to Regulation S, each under the Securities Act of
1933, as amended (the “Act”). The offering is expected
to close on May 13, 2021, subject to customary closing conditions.
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 amended and restated
credit facility, which it expects to enter into in connection with
the settlement of the sale of the notes.
The Company intends to use the net proceeds of
the offering, together with borrowings under the amended and
restated credit facility, to redeem all of its existing 6.625%
senior notes due 2026 (the “2026 Notes”).
This press release does not constitute a notice
of redemption with respect to the 2026 Notes.
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 press 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
funeral and cemetery services and merchandise in the United States.
Carriage operates 173 funeral homes in 26 states and 32 cemeteries
in 12 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, Cautionary Note” and “Risk Factors” in
the Company’s Annual Report on Form 10-K for the year ended
December 31, 2020, 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.
For any investor relations questions,
please contact Ben Brink at 713-332-8441 or
email InvestorRelations@carriageservices.com.
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