By Paul A. Harris
Portland, Ore., May 16 - StoneMor Partners LP priced a $175 million issue of 7 7/8% eight-year senior notes (B3/B-/) at 97.832 to yield 8¼% on Thursday, according to an informed source.
The yield printed at the wide end of the 8% to 8¼% yield talk.
BofA Merrill Lynch was the bookrunner.
The Levittown, Pa.-based cemetery and funeral services provider plans to use the proceeds to fund the tender for its 10¼% senior notes due 2017.
| Issuer: | StoneMor Partners LP
|
| Amount: | $175 million
|
| Maturity: | June 1, 2021
|
| Securities: | Senior notes
|
| Bookrunner: | BofA Merrill Lynch
|
| Co-manager: | Raymond James
|
| Coupon: | 7 7/8%
|
| Price: | 97.832
|
| Yield: | 8¼%
|
| Spread: | 682 bps
|
| Call protection: | Three years
|
| Trade date: | May 16
|
| Settlement date: | May 28
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8% to 8¼%
|
| Marketing: | Roadshow
|
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