Carriage Services starts roadshow for $400 million eight-year notes; initial talk high 4% area

By Paul A. Harris

Portland, Ore., April 26 – Carriage Services, Inc. began marketing a $400 million offering of eight-year senior notes (existing ratings B2/B+) on Monday, according to market sources.

The Rule 144A and Regulation S deal, which was set to kick off on a Monday conference call with investors, is in the market with initial guidance in the high 4% area, a trader said.

The roadshow runs through Thursday.

BofA Securities Inc. is the left bookrunner. Regions Securities LLC is the joint bookrunner. BBVA Securities Inc. is the senior co-manager. B. Riley Securities Inc., Barrington Research Associates Inc., Citizens Capital Markets Inc., Roth and Sidoti & Co. LLC are the co-managers.

The notes become callable after three years at par plus 50% of the coupon. They feature a three-year 40% equity clawback at par plus the full coupon and have a 101% poison put.

The Houston-based death care services provider plans to use the proceed plus borrowings under its amended and restated credit facility to redeem all of its existing 6 5/8% senior notes due 2026.

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