Family Memorials 10% convertible holders OK extension, other changes

By Wendy Van Sickle

Columbus, Ohio, June 14 – Family Memorials Inc. received written consent from more than the requisite two-thirds majority of the holders to amend the July 7, 2011 indenture of its 10% convertible secured debentures, according to a company news release.

The approved amendments will push the maturity of the convertibles back by six months to Dec. 15, 2016 from June 15, increase their coupon to 15% beginning June 16 and remove the requirement for the company, upon redemption of the debentures, to pay a premium equal to 5% of the outstanding principal amount.

The Thunder Bay, Ont., company sells granite monuments for placement on individual cemetery lots.

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