StoneMor Partners Prices Upsized Units Offering

(RTTNews) - StoneMor Partners L.P. (STON) said Tuesday that it has priced 2 million common units representing limited partner interests in StoneMor at a price to the public of $24.45 per unit.

The offering was increased from the previously announced level by 200,000 common units.

StoneMor has granted the underwriters a 30-day option to purchase up to 300,000 additional common units to cover over-allotments, if any.

StoneMor expects the offering to close on February 14.

The partnership expects to receive net proceeds of about $46.1 million (or about $53.1 million if the underwriters exercise their option to purchase an additional 300,000 common units), after deducting the underwriting discount and offering expenses in connection with this offering.

StoneMor plans to use the net proceeds from the common units it is offering to pay down borrowings outstanding under its existing credit facility. If the underwriters exercise their option to purchase additional common units, StoneMor will use the additional net proceeds to pay down borrowings outstanding under its credit facility.