Service Corp. driving by with $800 million 10-year senior notes; initial talk low 4% area

By Paul A. Harris

Portland, Ore., May 10 – Service Corp. International plans to price an $800 million public offering of 10-year senior notes (expected ratings Ba3/BB) in a Monday drive-by, according to market sources.

Initial guidance is in the low 4% area.

J.P. Morgan Securities LLC is the lead joint bookrunner. Additional joint bookrunners are BofA Securities Inc., Truist Securities Inc. and Wells Fargo Securities LLC.

Senior co-managers are PNC Capital Markets LLC, Regions Securities LLC and Scotia Capital (USA) Inc. Co-managers are BBVA Securities Inc., BOK Financial Securities Inc., Capital One Securities Inc., Citizens Capital Markets Inc., Comerica Securities Inc., HSBC Securities (USA) Inc., MUFG, U.S. Bancorp Investments Inc. and Zions Direct Inc.

The notes come with five years of call protection.

The Houston-based death care services provider plans to use the proceeds to redeem all of its outstanding 8% senior notes due 2021 and to repay the outstanding loans under its revolver.

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