BofA Agents Upsized Facility for Carriage Services
Carriage Services announced that the fifth amendment to the credit agreement is now effective commensurate with the closing of an asset sale agreement, by certain subsidiaries of each of the company and Service Corporation International. The new credit agreement increases, in total, from $235 million to $325 million and continues to be administered by Bank of America.
Obligations under the credit agreement will mature on March 31, 2019. The fifth amendment provides for an increase in the revolving credit facility from $125 million to $200 million. Borrowings under the term loan facility of $125 million are subject to amortization payments of 7.5% of the principal amount in the first two years following the fifth amendment effective date, 10.0% for the third and fourth years following the effective date and 12.5% per year thereafter. The amendment also modifies certain financial covenants pertaining to the company.
Houston, TX-based Carriage Services is a provider of death-care services and merchandise in the U.S. Carriage operates 167 funeral homes in 27 states and 32 cemeteries in 11 states.