LEVITTOWN, Pa., Sept. 15, 2010 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (Nasdaq:STON) ("StoneMor") announced today that it intends to offer, subject to market and other conditions, 1,222,000 common units representing limited partner interests in StoneMor. In connection with the offering, StoneMor expects to grant the underwriter a 30-day option to purchase up to 183,300 additional common units to cover over-allotments, if any. StoneMor intends to use the net proceeds from the common units offering and the related capital contribution by its general partner to prepay a portion of the borrowings outstanding under its existing acquisition credit facility and pay down a portion of the borrowings outstanding under its existing revolving credit facility. If the underwriter exercises its option to purchase additional common units, StoneMor will use the additional net proceeds and related capital contribution by its general partner to pay down an additional portion of the borrowings outstanding under its existing revolving credit facility.
The common units will be offered and sold pursuant to an effective shelf registration statement on Form S-3. The offering may be made only by means of a prospectus supplement, which will be filed with the Securities and Exchange Commission (the "SEC"), and the related base prospectus. Raymond James is the sole underwriter of the common units.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
A copy of the prospectus supplement and prospectus relating to these securities may be obtained, when available, by contacting Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716 or by calling 1-727-567-2400.
About StoneMor Partners L.P.
StoneMor Partners L.P., headquartered in Levittown, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 255 cemeteries and 63 funeral homes. StoneMor is the only publicly traded deathcare company structured as a partnership. 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 Partners L.P., please visit StoneMor's website, and the Investor Relations section, at http://www.stonemor.com.
Certain statements contained in this press release, including, but not limited to, information regarding the status and progress of the company's operating activities, the plans and objectives of the company's management, assumptions regarding the company's future performance and plans, and any financial guidance provided, as well as certain information in other filings with the SEC and elsewhere, are forward-looking statements. The words "believe," "may," "will," "estimate," "continues," "anticipate," "intend," "project," "expect," "predict," and similar expressions identify these forward-looking statements. These forward-looking statements are made subject to certain risks and uncertainties that could cause actual results to differ materially from those stated, including, but not limited to, the following: uncertainties associated with future revenue and revenue growth; the effect of the current economic downturn; the impact of our significant leverage on our operating plans; our ability to service our debt and pay distributions; the decline in the fair value of certain equity and debt securities held in our trusts; our ability to attract, train and retain an adequate number of sales people; uncertainties associated with the volume and timing of pre-need sales of cemetery services and products; increased use of cremation; changes in the political or regulatory environments, including potential changes in tax accounting and trusting policies; our ability to successfully implement a strategic plan relating to operating improvement, strong cash flows and further deleveraging; uncertainties associated with the integration or the anticipated benefits of our recent acquisitions and any future acquisitions; our ability to complete and fund additional acquisitions; and various other uncertainties associated with the death care industry and our operations in particular.
When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements set forth in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC. Except as required under applicable law, we assume no obligation to update or revise any forward-looking statements made herein or any other forward-looking statements made by us, whether as a result of new information, future events, or otherwise.
CONTACT: StoneMor Partners L.P. Tim Yost (215) 826-2800