StoneMor Partners to pay down revolver with proceeds of common units

By Wendy Van Sickle

Columbus, Ohio, July 7 – StoneMor Partners LP plans to pay down borrowings under its revolving credit facility with proceeds from an offering of common units, according to a filing with the Securities and Exchange Commission.

The company anticipates net proceeds of $58.9 million from its offering of 2.1 million common units and net proceeds of $67.8 million if its underwriters fully exercise their option to buy additional common units. All net proceeds will be used to pay down the revolver.

As of July 6, the company had $155.9 million of borrowings outstanding on the facility.

StoneMor is a Levittown, Pa.-based cemetery and funeral services provider.

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