By Paul A. Harris
Portland, Ore., Dec. 5 – Service Corp. International priced an upsized $550 million issue of 10-year senior notes (BB) at par to yield 4 5/8% in a quick-to-market Tuesday trade, according to a market source.
The issue size was increased from $525 million.
The yield printed at the tight end of yield talk in the 4¾% area.
J.P. Morgan Securities LLC was the lead.
The Houston-based provider of deathcare products and services plans to use the proceeds, together with additional borrowings, to refinance its existing credit facilities and redeem outstanding notes.
Upon closing of the offering, the company intends to redeem about $250 million of its 7 5/8% senior notes due 2018.
| Issuer: | Service Corp. International
|
| Amount: | $550 million, increased from $525 million
|
| Tenor: | 10 years
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 4 5/8%
|
| Price: | Par
|
| Yield: | 4 5/8%
|
| Call protection: | Five years
|
| Trade date: | Dec. 5
|
| Rating: | S&P: BB
|
| Distribution: | SEC registered
|
| Price talk: | 4¾% area
|
| Marketing: | Quick to market
|
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