StoneMor (STON) Announces 1.275M Shelf Registration
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StoneMor Partners L.P. (NASDAQ: STON) announced today that it intends to offer, subject to market and other conditions, 1,275,000 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 191,250 additional common units to cover over-allotments, if any.
StoneMor intends to use the net proceeds from the common units offering to prepay a portion of the borrowings outstanding under its acquisition credit facility and to fund growth capital expenditures, including mausoleum construction, or for general partnership purposes. If the underwriter exercises its option to purchase additional common units, StoneMor will use the additional proceeds to fund growth capital expenditures, including mausoleum construction, or for general partnership purposes.
The common units will be offered and sold pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission.
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