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StoneMor Partners enters into amendment on note purchase agreement
By Jennifer Chiou
New York, May 6 - StoneMor Partners LP entered into the second amendment on April 30 of its amended and restated note purchase agreement involving the company, StoneMor GP, StoneMor Operating LLC, some subsidiaries and noteholders, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.
StoneMor said it used borrowings under its loans to purchase $80 million of its 7.66% senior secured series A notes due Sept. 20, 2009. The company added that it made $17 million of draws under an existing acquisition facility along with borrowings of $63 million under a new acquisition facility commitment.
In addition, the company paid accrued interest on the notes using borrowings of $5.4 million under its revolver.
The note purchase agreement, dated Nov. 2, 2007, provided for the issue of $80 million of the series A notes, $35 million of 9.34% series B senior secured notes due Aug. 15, 2012 as well as $17.5 million of 9.09% senior secured series C notes due Dec. 21, 2012 and up to $150 million of notes under a shelf.
The new changes to the note purchase agreement, among other things, amend and restate the series B notes to increase the interest rate to 11% as well as the series C notes to augment the coupon to 11% and to change the maturity date to Aug. 15, 2012.
Also under the amendment, the interest rate on the series B and series C notes will be increased by 1.5% per year during any period in which any holder of the shelf notes is required to maintain reserves in excess of 3.4% of the principal amount held as a result of a decision of an insurance regulatory authority.
StoneMor is a Levittown, Pa.-based owner and operator of cemeteries.
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