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S&P raises StoneMor
S&P said it upgraded StoneMor Inc. and its new $400 million of 8½% senior secured notes to CCC+ following the refinancing of its paid-in-kind notes.
StoneMor now has a better liquidity profile and less covenant constraints. “The new notes have no maintenance covenants and increased unrestricted cash by $30 million to $78 million as of March 31, 2021. This gives the company more flexibility to deploy capital to merger and acquisition (M&A) activities after years of divestitures and declining revenue,” the agency said in a press release.
S&P said it sees early results of these turnaround efforts, with several quarters of positive free cash flow and EBITDA.
The outlook is stable.
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