Carriage Services swaps $115 million 2.75% convertible subordinated notes for stock, cash

By Wendy Van Sickle

Columbus, Ohio, May 8 – Carriage Services, Inc. closed an exchange of about $115 million of its 2.75% convertible subordinated notes due 2021 for stock and cash, according to a Tuesday press release.

Specifically, the company exchanged 2,822,859 newly issued shares of its common stock, plus about $75.2 million in cash for the convertibles in the privately negotiated transactions.

The cash portion was funded by the company’s revolving credit facility.

Following settlement of the exchanges, about $29 million of the convertibles are outstanding.

Houston-based Carriage Services operates funeral homes and cemeteries in the United States.

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