StoneMor Inc. (NYSE: STON) (“StoneMor”) today
announced the commencement of an 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 (the
“
Securities Act”). 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 exchange offer
commenced on June 9, 2020, and will expire at 5:00 p.m. New York
City time, on July 8, 2020.
The terms of the New Notes are substantially the same as the
terms of the Old Notes, except that the offer of the New Notes is
registered under the Securities Act, and the New Notes have no
transfer restrictions or registration rights. This exchange
offer is being initiated to fulfill the Issuers’ obligations under
the registration rights agreement entered into with the initial
purchasers of the Old Notes. StoneMor will not receive any
proceeds from the exchange offer.
StoneMor will accept for exchange any and all Old Notes validly
tendered and not validly withdrawn prior to the expiration of the
exchange offer at 5:00 p.m. New York City time, on July 8, 2020,
unless the exchange offer is extended or terminated.
The terms of the exchange offer and other information relating
to StoneMor and the Issuers are set forth in a prospectus dated
June 4, 2020. A written prospectus providing the terms of the
exchange offer may be obtained from Wilmington Trust, National
Association, which is serving as the exchange agent for the
exchange offer. Wilmington Trust, National Association can be
contacted at:
Wilmington Trust, National Associationc/o Wilmington Trust
CompanyRodney Square North1100 North Market StreetWilmington, DE
19890-1626Attention: Workflow Management – 5th FloorBy
Facsimile: (302) 636-4139 (Attention:
WorkflowManagement – 5th Floor)By Email:
DTC@wilmingtontrust.com
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 letter 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, the issuance of the New Notes in exchange for the
Old Notes, and extension or termination of the exchange offer, 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
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 annexes
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: |
Investor Relations |
|
StoneMor Inc. |
|
(215) 826-4438 |
StoneMor (NYSE:STON)
Historical Stock Chart
From Aug 2024 to Sep 2024
StoneMor (NYSE:STON)
Historical Stock Chart
From Sep 2023 to Sep 2024