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StoneMor Inc. (STON)

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  • Moody's

    StoneMor Inc. -- Moody's upgrades StoneMor's CFR to B3, assigns B3 rating to senior secured notes; outlook remains stable

    Rating Action: Moody's upgrades StoneMor's CFR to B3, assigns B3 rating to senior secured notes; outlook remains stableGlobal Credit Research - 20 Apr 2021New York, April 20, 2021 -- Moody's Investors Service, ("Moody's") upgraded StoneMor Inc.'s (StoneMor) Corporate Family Rating (CFR) to B3 from Caa1 and upgraded the Probability of Default Rating (PDR) to B3-PD from Caa2-PD. Moody's assigned a B3 rating to StoneMor's proposed senior secured notes due 2029.

  • StoneMor Inc. Announces Proposed Private Offering of Senior Secured Notes
    GlobeNewswire

    StoneMor Inc. Announces Proposed Private Offering of Senior Secured Notes

    BENSALEM, Pa., April 20, 2021 (GLOBE NEWSWIRE) -- StoneMor Inc. (NYSE: STON) (“StoneMor” or the “Company”), a leading owner and operator of cemeteries and funeral homes, announced today that its intention to offer $400 million aggregate principal amount of its senior secured notes due 2029 (the "Notes") in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), subject to market and other conditions (the "Offering"). The Notes will be senior secured obligations of the Company and will be guaranteed by certain of the Company’s domestic subsidiaries and by any foreign subsidiary that guarantees any future credit facility. The Company intends to use a substantial portion of the net proceeds of the Offering to redeem all of the currently outstanding approximately $338 million of 9.875%/11.500% Senior Secured PIK Toggle Notes due 2024 (the "2024 Notes") issued by its wholly-owned subsidiaries StoneMor Partners L.P. and Cornerstone Family Services of West Virginia Subsidiary, Inc., and to pay related fees and expenses. Any remaining proceeds will be used for general corporate purposes, which may include acquisitions. The Notes have not been registered under the Securities Act or any state securities laws and are expected to be offered only to persons who are reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and to non-U.S. persons in offshore transactions in reliance on Regulation S. Unless so registered, the Notes may not be offered or sold in the United States or to U.S. persons except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release is being issued pursuant to, and in accordance with, Rule 135c under the Securities Act, and is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful. About StoneMor Inc.StoneMor Inc., headquartered in Bensalem, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 304 cemeteries and 70 funeral homes in 24 states and Puerto Rico. StoneMor’s cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials and all services which provide for the installation of this merchandise. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements regarding the Company’s ability to complete the offering of the Notes, its application of the net proceeds from the offering and the redemption of the outstanding 2024 Notes. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from the expectations indicated in the forward-looking statements include uncertainties relating to market conditions for corporate debt securities generally and for the securities of deathcare companies and for the Company in particular and general economic or political conditions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements set forth in StoneMor’s Annual Report on Form 10-K and the other reports that StoneMor files with the Securities and Exchange Commission, from time to time. Except as required under applicable law, StoneMor assumes no obligation to update or revise any forward-looking statements made herein or any other forward-looking statements made by it, whether as a result of new information, future events or otherwise. CONTACTInvestor RelationsStoneMor Inc.(215) 826-4438

  • StoneMor Inc. Announces Agreement to Acquire Four Cemeteries
    GlobeNewswire

    StoneMor Inc. Announces Agreement to Acquire Four Cemeteries

    BENSALEM, Pa., March 24, 2021 (GLOBE NEWSWIRE) -- StoneMor Inc. (NYSE: STON) (“StoneMor” or the “Company”), a leading owner and operator of cemeteries and funeral homes, today announced it has signed a definitive agreement to acquire four cemeteries located within its East Coast geographic footprint for a total purchase price of $5,395,000, subject to customary working capital adjustments. Joe Redling, StoneMor’s President and Chief Executive Officer said, “We are very excited to announce that we have entered into an asset purchase agreement to acquire four cemeteries within our East Coast geographic footprint. While this is a small first step, it represents a very important shift in our strategy from focusing on divesting assets to acquiring new locations that align with our existing portfolio.” The transaction is expected to close by July 2021, subject to customary due diligence and regulatory approval. About StoneMor Inc.StoneMor Inc., headquartered in Bensalem, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 313 cemeteries and 80 funeral homes in 26 states and Puerto Rico. StoneMor’s cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials and all services which provide for the installation of this merchandise. For additional information about StoneMor Inc., please visit StoneMor’s website, and the investors section, at http://www.stonemor.com. CONTACTInvestor RelationsStoneMor Inc.(215) 826-4438 Cautionary Note Regarding Forward-Looking StatementsCertain statements contained in this press release, including, but not limited to, information regarding the anticipated closing date for the sale, are forward-looking statements. Generally, the words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “project,” “expect,” “predict” and similar expressions identify these forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management’s current expectations and estimates. These statements are neither promises nor guarantees and are made subject to certain risks and uncertainties that could cause actual results to differ materially from the results stated or implied in this press release. StoneMor’s major risks are related to uncertainties associated with current business and economic disruptions resulting from the recent coronavirus pandemic, including the effect of government regulations issued in connection therewith, its ability to identify, and negotiate acceptable agreements with, purchasers of additional properties, uncertainties associated with the cash flow from pre-need and at-need sales, trusts and financings, which may impact StoneMor’s ability to meet its financial projections and service its debt, as well as with StoneMor’s ability to maintain an effective system of internal control over financial reporting and disclosure controls and procedures. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements set forth in StoneMor’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and the other reports that StoneMor files with the Securities and Exchange Commission, from time to time. Except as required under applicable law, StoneMor assumes no obligation to update or revise any forward-looking statements made herein or any other forward-looking statements made by it, whether as a result of new information, future events or otherwise.