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Service Corp. International completes tenders for 7.2%, 6 7/8% notes
New York, June 27 - Service Corp. International said it completed its tender offer for its $149 million of 7.2% notes due 2006 and its $143.475 million of 6 7/8% notes due 2007.
The company bought a further $45,000 of the 6 7/8% notes in addition to those purchased on the expiry of the early participation deadline.
On June 10 Service Corp. said it received tenders of $138.3 million of its 7.2% notes and $129.9 million of its 6 7/8% notes by the early tender deadline.
At the same time the company also announced pricing, saying holders who tendered by the early participation deadline of 5 p.m. ET on June 9 will receive $1,029.33 per $1,000 principal amount for the 7.2% notes and $1,055.00 per $1,000 principal amount for the 6 7/8% notes. Both prices include a $30.00 per $1,000 early participation payment.
Pricing in the tender was set using a fixed spread over a reference Treasury.
For the 7.2% notes, the calculation used 50 basis points over the 2.5% Treasury due May 31, 2006. For the 6 7/8% notes, it was a 62.5 basis point spread over the 2.75% Treasury due Aug. 15, 2007.
The tender ended at 5 p.m. ET on June 24.
The Houston-based funeral home and cemetery operator said the tender for the 6 7/8% notes is subject to a financing condition. Both tenders have other general conditions, but the offer for each series of notes is independent of the other.
Merrill Lynch & Co. (888 654-8637 or call collect 212 449-4914) and J.P. Morgan Securities Inc. (866 834-4666) are dealer managers. Global Bondholder Services Corp. is information agent (866 387-1500, banks and brokerages call 212 430-3774).
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