Stewart Enterprises to launch $200 million eight-year notes Tuesday

By Paul A. Harris

St. Louis, Jan. 31 - Stewart Enterprises Inc. will begin a two-day roadshow Tuesday for its $200 million offering of eight-year senior notes, according to a syndicate source.

The notes are expected to price mid-week.

The notes will come with three years of call protection.

Banc of America Securities LLC is the bookrunner for the Rule 144A offering. Bear Stearns & Co. and Merrill Lynch & Co. are joint lead managers. Calyon Securities and SunTrust Robinson Humphrey are the co-managers.

Proceeds, along with borrowings from the company's new $130 million secured credit facility and available cash, will be used to purchase $300 million of its 10¾% senior subordinated notes.

Stewart Enterprises is a Jefferson, La.-based funeral services provider.

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