New Issue: Service Corp. prices $200 million eight-year notes at par to yield 4½%

By Paul A. Harris

Portland, Ore., Nov. 5 - Service Corp. International priced a $200 million issue of eight-year senior notes (Ba3/BB-/) at par to yield 4½% on Monday, according to a market source.

The yield printed at the tight end of the 4½% to 4¾% yield talk.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch and Wells Fargo Securities LLC were the joint bookrunners for the quick-to-market deal.

The Houston-based provider of deathcare products and services plans to use the proceeds to redeem all of its outstanding 7 3/8% senior notes due 2014.

Issuer:	Service Corp. International
Amount:	$200 million
Maturity:	Nov. 15, 2020
Securities:	Senior notes
Bookrunners:	J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Wells Fargo Securities LLC
Senior co-manager:	SunTrust Robinson Humphrey Inc.
Co-managers:	BB&T Capital Markets, BOSC, Inc., Comerica Securities Inc., Raymond James & Associates Inc., Scotia Capital Inc.
Coupon:	4½%
Price:	Par
Yield:	4½%
Spread:	318 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Nov. 15, 2015, then callable at 103.375, 102.25, 101.125, par on and after Nov. 15, 2018
Change-of-control put:	101%
Trade date:	Nov. 5
Settlement date:	Nov. 8
Ratings:	Moody's: Ba3
	Standard & Poor's: BB-
Distribution:	SEC registered
Price talk:	4½% to 4¾%
Marketing:	Quick to market

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