Stewart Enterprises’ 3.375% senior notes convertible into cash June 15-July 14

By Marisa Wong

Morgantown, W.Va., June 1 – Stewart Enterprises, Inc., a wholly owned subsidiary of Service Corp. International, announced that its 3.375% senior convertible notes due 2016 will be convertible into cash at any time from June 15 to the close of business on July 14.

The notes will be convertible into cash at a rate of 92.4564 shares at $13.25 per share, or $1,225.05, per $1,000 principal amount, according to an 8-K filing with the Securities and Exchange Commission.

The record date is July 1. Holders that elect to convert the notes after the record date will receive an interest payment.

The company said the notes are convertible as a result of satisfying the final maturity date condition.

As of June 1, $134,000 of the notes were outstanding.

Service Corp. is a Houston-based provider of death care products and services.

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