StoneMor Partners Plans Offering of 1.2M Units
StoneMor Partners LP said Wednesday that it plans a public offering of about 1.2 million common units.
The funeral home and cemetery operator plans to use the offering’s net proceeds and the related capital contribution by its general partner to prepay some of its acquisition credit agreement’s borrowings and to pay down a portion of its revolving credit facility.
StoneMor plans to give the underwriter a 30-day option to buy up to 183,300 additional units to cover excess demand. If the underwriter uses the option, StoneMor said it will use the extra funds to pay down more of the revolving credit facility.
Shares of StoneMor fell 82 cents, or 3.2 percent, to $25.05 in midday trading. The stock has traded in a 52-week range of $16 to $26.95.
Source: Business Week