Published on 4/29/2021 in the Prospect News High Yield Daily.
New Issue: Carriage Services prices $400 million 4¼% eight-year notes at par
By Paul A. Harris
Portland, Ore., April 29 – Carriage Services, Inc. priced a $400 million issue of eight-year senior notes (B2/B+) at par to yield 4¼% on Thursday, according to market sources.
The yield printed at the tight end of the 4¼% to 4½% yield talk. Initial guidance was in the high 4% area.
BofA Securities Inc. was the left bookrunner. Regions Securities LLC was a joint bookrunner.
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.
| Issuer: | Carriage Services, Inc.
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| Amount: | $400 million
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| Maturity: | May 15, 2029
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| Securities: | Senior notes
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| Left bookrunner: | BofA Securities Inc.
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| Joint bookrunner: | Regions Securities LLC
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| Senior co-manager: | BBVA Securities Inc.
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| Co-managers: | B. Riley Securities Inc., Barrington Research Associates Inc., Citizens Capital Markets Inc., Roth and Sidoti & Co. LLC
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| Coupon: | 4¼%
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| Price: | Par
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| Yield: | 4¼%
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| Spread: | 276 bps
|
| First call: | Make-whole call at Treasuries plus 50 bps until May 15, 2024, then callable at 102.125
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| Equity clawback: | 40% at 104.25 until May 15, 2024
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| Trade date: | April 29
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| Settlement date: | May 13
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| Ratings: | Moody's: B2
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| S&P: B+
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 4¼% to 4½%
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| Marketing: | Roadshow
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