StoneMor to redeem 9 7/8%/11½% PIK notes due 2024 via new notes

By Marisa Wong

Los Angeles, April 20 – StoneMor Inc. said it intends to redeem all of the outstanding $338 million of 9 7/8%/11½% senior secured PIK toggle notes due 2024 issued by wholly owned subsidiaries StoneMor Partners LP and Cornerstone Family Services of West Virginia Subsidiary, Inc.

The company will use proceeds from an offering of senior secured notes due 2029 to fund the redemption, according to a news release.

Any remaining proceeds will be used for general corporate purposes, which may include acquisitions.

Based in Trevose, Pa., StoneMor Partners owns and operates cemeteries and funeral homes.

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