BofA Group Ups StoneMor Revolver to Facilitate Acquisition
StoneMor Partners announced it had acquired the Seawinds Funeral Homes located in Central Florida. Seawinds consists of 6 funeral homes situated between Melbourne and West Palm Beach. StoneMor said the transaction was completed through a combination of cash and equity, and was funded under StoneMor’s existing credit facility.
StoneMor also announced that it had amended its credit agreement to increase its credit facility by $10 million to $140 million. According to a related 8-K filing, StoneMor entered into this amendment to its revolving credit facility with a lender group led by Bank of America, as administrative agent, swing line lender and L/C issuer.
Commenting on the acquisition and the revised credit agreement, StoneMor Partners president and chief executive officer, Larry Miller, said, “This Seawinds acquisition further enhances our Florida operation in a number of ways. We expect that the acquired properties will be immediately accretive and the acquisition will be deleveraging under our credit facility.”
Levittown, PA-based StoneMor Partners is an owner and operator of cemeteries and funeral homes in the United States, with 276 cemeteries and 92 funeral homes in 26 states and Puerto Rico.