Daily News: August 16, 2012

BofA Agents Increased Facility for Carriage Services


Carriage Services announces it has increased its previously announced commitment with Bank of America as administrative agent and Merrill Lynch as sole lead arranger and sole book manager for a senior secured credit facility, as a result of the oversubscription of this financing.

The company said the new facility will be $235 million, including a new five-year $130 million term loan and an up to $105 million revolving credit facility.

Previously, the senior secured credit facility was $200 million providing for a five-year, $130 million term loan and an up to a $70 million revolver.

Carriage said its intention remains to use these proceeds to refinance our existing revolver, redeem our existing 7.875% senior notes, pay the associated redemption premium, pay other transaction related fees and expenses, and provide for future corporate needs.

Carriage Services is a provider of death care services and products. Carriage operates 164 funeral homes in 26 states and 33 cemeteries in 11 states.