By Paul A. Harris
St. Louis, Nov. 5 - Service Corp. International priced a $150 million issue of 8% 12-year senior bullet notes (B1/BB-/) at 98.115 to yield 8¼% in a quick-to-market deal on Thursday, according to an informed source.
The yield printed on top of the price talk.
J.P. Morgan Securities Inc. and Bank of America Merrill Lynch were joint bookrunners for the notes, which have been registered with the Securities and Exchange Commission.
Co-managers were Morgan Keegan & Co., Inc., Raymond James & Associates, Scotia Capital and SunTrust Robinson Humphrey Inc.
Proceeds will be used to fund a portion of the acquisition of Keystone North America Inc.
Service Corp. is a Houston-based death care services company.
| Issuer: | Service Corp. International
|
| Face amount: | $150 million
|
| Proceeds: | $147,173,000
|
| Maturity: | Nov. 1, 2021
|
| Security description: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities Inc., Bank of America Merrill Lynch
|
| Co-managers: | Morgan Keegan & Co., Inc., Raymond James & Associates, Scotia Capital, SunTrust Robinson Humphrey Inc.
|
| Coupon: | 8%
|
| Price: | 98.115
|
| Yield: | 8¼%
|
| Spread: | 472 bps
|
| Call protection: | Non-callable (make-whole provision at Treasuries plus 50 bps)
|
| Change-of-control put: | 101%
|
| Trade date: | Nov. 5
|
| Settlement date: | Nov. 10
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Distribution: | SEC registered
|
| Price talk: | 8¼% area
|
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