Attached files
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EX-10.1 - EX-10.1 - STONEMOR PARTNERS LP | d284504dex101.htm |
8-K - 8-K - STONEMOR PARTNERS LP | d284504d8k.htm |
Exhibit 99.1
CONTACT: |
John McNamara | |
Director - Investor Relations | ||
StoneMor Partners L.P. | ||
(215) 826-2945 |
STONEMOR PARTNERS L.P. ANNOUNCES $20 MILLION PRIVATE ISSUANCE OF COMMON UNITS
TREVOSE, PA January 3, 2017 StoneMor Partners L.P. (NYSE: STON) (StoneMor or the Partnership) today announced that on December 30, 2016, StoneMor GP Holdings LLC, the sole member and owner of the general partner of the Partnership, acquired 2,332,878 common units representing limited partner interests of the Partnership in a private placement for $20.0 million, or a twenty-day, volume-weighted average price of approximately $8.5731 per unit. The proceeds were initially used to pay down borrowings under the Partnerships senior credit facility. The additional borrowing capacity has been earmarked for cash accretive acquisitions that the Partnership anticipates will close in the near future, and may also be used for other general partnership purposes.
As a result of this transaction, StoneMor has approximately 37.8 million common units outstanding. StoneMor GP Holdings LLCs direct and indirect ownership interest in StoneMor as a result of this transaction will be approximately 7%.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described in this press release. The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended (the Securities Act), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act and applicable state laws.
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About StoneMor Partners L.P.
StoneMor Partners L.P., headquartered in Trevose, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 317 cemeteries and 105 funeral homes in 28 states and Puerto Rico.
StoneMor is the only publicly traded death care company structured as a partnership. StoneMors 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 StoneMors website, and the investors section, at http://www.stonemor.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release, including, but not limited to, information regarding the restatement of StoneMors consolidated financial statements, status and progress of StoneMors operating activities, the plans and objectives of StoneMors management, assumptions regarding StoneMors future performance and plans, and any financial guidance provided or guidance related to StoneMors future distributions, as well as certain information in StoneMors other filings with the SEC and elsewhere, are forward-looking statements. Generally, the words believe, may, will, estimate, continue, anticipate, intend (including, but not limited to StoneMors intent to maintain or increase its distributions), project, expect, predict and similar expressions identify these forward-looking statements.
Forward-looking statements are based on managements 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. StoneMors major risks are related to uncertainties associated with the cash flow from pre-need and at-need sales, trusts and financings, which may impact StoneMors ability to meet its financial projections, service its debt, pay distributions, and increase its distributions, as well as with StoneMors ability to maintain an effective system of internal control over financial reporting and disclosure controls and procedures.
StoneMors additional risks and uncertainties include, but are not limited to, the following: uncertainties associated with future revenue and revenue growth; uncertainties associated with the integration or anticipated benefits of recent acquisitions or any future acquisitions; StoneMors ability to complete and fund additional acquisitions; the effect of economic downturns; the impact of StoneMors significant leverage on its operating plans; the decline in the fair value of certain equity and debt securities held in StoneMors trusts; StoneMors 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 death rate; changes in the political or regulatory environments, including potential changes in tax accounting and trusting policies; StoneMors ability to successfully implement a strategic plan relating to achieving operating improvements, including improving sales productivity and reversing negative trends in costs of goods sold, certain expenses, cemetery billings and investment income from trusts, strong cash flows, further deleveraging and liquidity enhancement; StoneMors ability to successfully compete in the cemetery and funeral home industry; litigation or legal proceedings that could expose StoneMor to significant liabilities and damage StoneMors reputation; the effects of cyber security attacks due to StoneMors significant reliance on information technology; uncertainties relating to the financial condition of third-party insurance companies that fund StoneMors pre-need funeral contracts; and various other uncertainties associated with the death care industry and StoneMors operations in particular.
When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements set forth in StoneMors 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.
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