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StoneMor seeks tenders, consents for $150 million 10¼% notes due 2017
By Toni Weeks
San Luis Obispo, Calif., May 13 - StoneMor Partners LP subsidiaries StoneMor Operating LLC, Cornerstone Family Services of West Virginia Subsidiary, Inc. and Osiris Holding of Maryland Subsidiary, Inc. began a cash tender offer for any and all of their outstanding $150 million of 10¼% senior notes due 2017, according to a press release.
The companies are also soliciting consents to proposed amendments that would shorten to three business days the minimum notice period for optional redemption and eliminate substantially all of the restrictive covenants and some events of default provisions contained in the indenture governing the notes.
Holders who tender their notes by 5 p.m. ET on May 24, the consent expiration, will receive $1,100.11 per $1,000 principal amount of notes, which includes a consent payment of $30 per $1,000 principal amount. Settlement for these notes will settle as early as May 28. Holders who tender after the consent deadline but before the expiration date of 11:59 p.m. ET on June 10 will receive $1,070.11 per $1,000 principal amount, with final settlement occurring June 11.
Tenders and consents may be validly withdrawn by the consent expiration.
The offer is subject to consents from holders of a majority in principal amount of notes, the execution of a supplemental indenture effecting the amendments and completion of a debt financing to raise funds sufficient to fund the offer. StoneMor began a roadshow on Monday for a $175 million offering of eight-year senior notes, as reported by Prospect News.
D.F. King & Co., Inc. (800 967-4612 or collect 212 269-5550) is the tender agent and information for the offer. BofA Merrill Lynch (888 292-0070 or collect 980 387-3907) is the dealer manager and solicitation agent.
StoneMor is a Levittown, Pa.-based cemetery and funeral services provider.
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