StoneMor again upsizes facility, extending loans; Libor floor scrapped

By Susanna Moon

Chicago, Jan. 19 - StoneMor Partners LP said it expanded its credit facility by $10 million for $130 million total and extended the loan term until 2017. The facility requires no amortization of principal.

The company also reduced the interest rate by eliminating the Libor floor and replaced the fixed charge coverage ratio with a debt service coverage ratio, which provides more flexibility, according to a company press release.

StoneMor said it revised and expanded the facility to facilitate the growth of its business, including cemetery and funeral home acquisitions.

"I am pleased that the revised credit facility gives the company significant borrowing capabilities and provides StoneMor more flexibility as we continue to make strategic acquisitions," Lawrence Miller, president and chief executive officer, said in the release.

The company said on Nov. 30 that it increased its available secured credit to $120 million from $100 million.

StoneMor is a Levittown, Pa.-based owner and operator of cemeteries and funeral homes.

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