Service ups revolver to $500 million, extends maturity, lowers pricing

By Angela McDaniels

Tacoma, Wash., March 24 - Service Corp. International amended its revolving credit facility on March 18, extending the maturity to March 18, 2016 from Nov. 28, 2013 and increasing the commitment amount to $500 million from $400 million.

The amendment lowered the interest rate to adjusted Libor plus 150 basis points to 225 bps and the commitment fee to 25 bps to 40 bps, each depending on leverage, according to an 8-K filing with the Securities and Exchange Commission.

Some negative covenants related to permitted acquisitions were revised to give the company more flexibility.

JPMorgan Chase Bank, NA is the administrative agent.

The Houston-based company provides death care products and services.

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