Service Corp. to price $400 million senior notes Wednesday

By Michelle Anderson

Rochester, N.H., March 26 - Service Corp. International will price an offering of $400 million senior notes (B1/BB-) Wednesday, according to a market source.

The offering will consist of $200 million senior notes due 2015 and $200 million senior notes due 2027.

Joint bookrunners are Bank of America Securities LLC and Merrill Lynch & Co., with Bank of America on the left for the notes due 2027 and Merrill Lynch on the left for the 2015 tranche.

Lehman Brothers, JP Morgan and Raymond James are co-managers on each.

There will be an investor conference call on Tuesday afternoon.

Proceeds from the Rule 144A with registration rights deal will be used to fund the redemption of the company's 6½% senior notes due 2008 and 7.70% senior notes due 2009.

The Houston-based company provides funeral products and services.

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