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Service Corp. to launch $450 million credit facility Thursday
By Sara Rosenberg
New York, Sept. 11 - Service Corp. is scheduled to hold a bank meeting on Thursday to launch its proposed $450 million credit facility, according to a market source.
JPMorgan is the lead bank on the deal.
The facility consists of a $150 million senior unsecured term loan talked at Libor plus 250 basis points and a $300 million revolver, the source said.
Proceeds will be used to help fund the acquisition of Alderwoods Group Inc. for $20.00 per share in cash. The transaction is valued at $856 million.
Houston-based Service Corp. is a leading provider of funeral and cemetery services. Cincinnati-based Alderwoods is the second largest operator of funeral homes and cemeteries.
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