Daily News: August 31, 2012

Carriage Services Closes Credit Facility With BofA, Others


Carriage Services, Inc. announced that it has closed its previously announced commitment with Bank of America as administrative agent and Merrill Lynch Pierce Fenner and Smith as sole lead arranger and sole book manager for a senior secured credit facility. Raymond James Bank, Regions Bank and Amegy Bank all served as co-syndication agents.

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

The revolving credit facility will refinance our existing revolving credit, pay other transaction related fees and expenses and provide for future corporate needs. The term loan will be used to redeem and replace our existing 7.875% senior notes.

Simultaneously, with the closing of the new senior secured credit facility, Carriage has called the 7.875% senior notes. The period of time to complete this transaction is approximately 30 days.

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.

Previously on abfjournal.com:

BofA Agents Increased Facility for Carriage Services, Thursday, August 16, 2012