Carriage Services Announces Closing of Senior Notes Offering and Entry into Amended and Restated Senior Secured Revolving Cre...
May 13 2021 - 4:23PM
Carriage Services, Inc. (NYSE: CSV) (“Carriage Services” or the
“Company”) today announced that it closed its private offering of
$400 million aggregate principal amount of 4.25% senior notes due
2029 (the “2029 Notes”).
The Company used the net proceeds from the sale of the 2029
Notes, together with cash on hand and borrowings under the amended
and restated credit facility, to satisfy and discharge the
indenture with respect to its 6.625% senior notes due 2026 (the
“2026 Notes”). The 2026 Notes are scheduled to be redeemed on June
1, 2021. This press release does not constitute a notice of
redemption with respect to the 2026 Notes.
The 2029 Notes are unsecured, senior obligations of the Company,
and interest is payable semi-annually in arrears. The 2029 Notes
are 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.
In connection with the closing of the 2029 Notes offering, the
Company also entered into an amended and restated senior secured
revolving credit facility with commitments of $150 million in order
to provide ongoing working capital and for general corporate
purposes. At closing, approximately $58.8 million of borrowings
were outstanding under the amended and restated facility with
approximately $89.1 million available for additional borrowings
after giving effect to $2.1 million of outstanding letters of
credit.
The 2029 Notes were offered in a private offering only 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”). Neither the 2029 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
“Cautionary Note” and “Risk Factors” in the Company’s Annual Report
on Form 10-K for the year ended December 31, 2020 and under
“Cautionary Statement on Forward-Looking Statements” and “Risk
Factors” in the Company’s Quarterly Report on Form 10-Q for the
quarter ended March 31, 2021, 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.
Source: Carriage Services, Inc.
For more information, please contact Ben Brink at 713-332-8441
or email InvestorRelations@carriageservices.com.
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