Carriage Services closed its private offering and increased the commitments of its senior secured revolving credit facility to $190 million.
Carriage will use the facility to provide ongoing working capital and for general corporate purposes.
According to a related 8-K filing, Bank of America served as administrative agent for the transaction.
The amended credit facility is comprised of a $15 million subfacility for letters of credit, a $10 million swingline and an accordion or incremental option allowing for future increases in the facility size by an additional amount of up to $75 million in the form of increased revolving commitments or incremental term loans.
The amended credit facility is secured by a first-priority perfected security interest in and lien on substantially all of the company’s personal property assets and those of the credit facility guarantors.
Carriage Services operates 187 funeral homes in 29 states and 30 cemeteries in 11 states.
