Carriage Services calls 7% convertible trust preferred Tides

By Tali Rackner

Norfolk, Va., March 17 - Carriage Services, Inc. called for redemption all of the outstanding 7% convertible preferred securities issued by Carriage Services Capital Trust, according to a press release.

The convertible preferreds will be redeemed at their liquidation preference of $50 plus accrued dividends on April 16.

Carriage Services will redeem all the 7% convertible junior subordinated debentures due 2029 held by Carriage Services Capital Trust and the trust will then redeem its corresponding outstanding 7% convertible preferred securities, in the Term Income Deferrable Equity Securities structure.

The redemptions will be funded with a portion of the proceeds from the company's offering of 2.75% convertible subordinated notes due 2021, which is expected to close on March 19.

Carriage Services is a Houston-based provider of death care services and products.

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