Baird served as a co-manager in this offering.
AboutStoneMor Partners L.P. (Nasdaq:STON) (“StoneMor” or the “Company”) recently completed a follow-on offering of 4,874,366 common units at $29.25 per unit. The offering generated $142.6 million of gross proceeds, prior to the exercise of the underwriters’ over-allotment option. Of the 4,874,366 common units offered, StoneMor sold 3,025,000 common units and certain unitholders sold 1,849,366 common units. In connection with the offering, StoneMor granted the underwriters a 30-day option to purchase up to 731,155 additional common units from the Company. The Company intends to use the net proceeds from the common units it is offering and the related capital contribution by its general partner to redeem its senior secured notes, prepay its existing acquisition credit facility, pay down its existing revolving credit facility and to fund capital improvements or for general partnership purposes.
Based in Levittown, Pennsylvania, StoneMor is an owner and operator of cemeteries and funeral homes in the United States, with 260 cemeteries and 58 funeral homes. StoneMor is the only publicly traded deathcare company structured as a master limited partnership. StoneMor's cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials and all services which provide for the installation of this merchandise.
For additional information about this transaction, please contact:
- February 2011
- StoneMor Partners L.P.
- Target Location
- North America