HOUSTON, Aug. 10, 2015 /PRNewswire/ -- Service Corporation
International (NYSE: SCI) (the "Company") announced today that it
intends to offer $300 million
aggregate principal amount of its 5.375% Senior Notes due 2024 (the
"Notes"), subject to market and other conditions. The offering is a
reopening of the Company's existing series of such Notes, and will
be made by means of an underwritten public offering pursuant to an
effective shelf registration statement filed with the Securities
and Exchange Commission (the "SEC"). The Company will use the net
proceeds from this offering to redeem all of its outstanding 6.750%
Senior Notes due 2016 and to repay approximately $88 million of outstanding borrowings under its
revolving credit facility.
The Notes form a part of the series of the Company's outstanding
5.375% Senior Notes due 2024 and have the same terms as
the existing notes of this series issued by the Company.
The Notes will have the same CUSIP number as the
existing notes and will trade interchangeably with the
existing notes immediately upon settlement. The Notes and
the existing notes previously issued by the Company will
constitute a single series under the indenture for all purposes.
Upon issuance of the Notes, the aggregate principal amount
outstanding of the Company's 5.375% Senior Notes due 2024 will be
$850 million.
BofA Merrill Lynch will act as the lead joint book-running
manager for the offering. The offering may be made only by means of
a prospectus supplement and accompanying base prospectus. The
prospectus supplement will be filed with the SEC and may be found
on its website at www.sec.gov. When available, copies of the
prospectus supplement relating to the public offering may be
obtained from:
BofA Merrill Lynch
222 Broadway
New York, NY 10038
Attention: Prospectus Department
Telephone: (800) 294-1322
Email: dg.prospectus_requests@baml.com
This press release does not constitute an offer to sell nor the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state in which such offer, solicitation or
sale would be unlawful. The notes will be offered only by means of
a prospectus supplement and accompanying base prospectus. This
press release does not constitute a notice of redemption with
respect to the notes being redeemed.
Cautionary Statement on Forward-Looking Statements
The statements in this press release that are not historical
facts are forward-looking statements made in reliance on the "safe
harbor" protections provided under the Private Securities
Litigation Reform Act of 1995. These statements may be accompanied
by words such as "believe," "estimate," "project," "expect,"
"anticipate" or "predict" that convey the uncertainty of future
events or outcomes. These statements are based on assumptions that
we believe are reasonable; however, many important factors could
cause our actual results in the future to differ materially from
the forward-looking statements made herein and in any other
documents or oral presentations made by us or on our behalf.
Important factors which could cause actual results to differ
materially from those in forward-looking statements include, among
others, unfavorable conditions in the financing markets and our
ability to successfully complete the proposed offering on favorable
terms.
For further information on these and other risks and
uncertainties, see our SEC filings, including our 2014 Annual
Report on Form 10-K. Copies of this document as well as other SEC
filings can be obtained from our website at www.sci-corp.com. We
assume no obligation to publicly update or revise any
forward-looking statements made herein or any other forward-looking
statements made by us, whether as a result of new information,
future events or otherwise.
About Service Corporation International
Service Corporation International, headquartered in Houston, Texas, is North America's leading provider of deathcare
products and services. As of June 30,
2015, the Company operated 1,550 funeral service locations
and 467 cemeteries (including 262 combination locations) in
North America, which are
geographically diversified across 45 states, eight Canadian
provinces, the District of
Columbia and Puerto Rico.
Through its business, the Company markets the Dignity
Memorial®brand, which offers assurance of quality,
value, caring service and exceptional customer satisfaction. For
more information about Service Corporation, please visit
www.sci-corp.com. The information contained on, or that may be
accessed through, our website is not incorporated by reference
into, and is not a part of, this press release.
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SOURCE Service Corporation International