Exhibit 99.1
May 13, 2021
Carriage Services Announces Closing of Senior Notes Offering and Entry into Amended and Restated Senior Secured Revolving Credit Facility
HOUSTON, Texas – (PRNewswire) – Carriage Services, Inc. (NYSE: CSV) (“Carriage Services” or the “Company”) today announced that it closed its private offering of $400 million aggregate principal amount of 4.25% senior notes due 2029 (the “2029 Notes”).
The Company used the net proceeds from the sale of the 2029 Notes, together with cash on hand and borrowings under the amended and restated credit facility, to satisfy and discharge the indenture with respect to its 6.625% senior notes due 2026 (the “2026 Notes”). The 2026 Notes are scheduled to be redeemed on June 1, 2021. This press release does not constitute a notice of redemption with respect to the 2026 Notes.
The 2029 Notes are unsecured, senior obligations of the Company, and interest is payable semi-annually in arrears. The 2029 Notes are fully and unconditionally guaranteed, on a senior unsecured basis, jointly and severally by each of the Company’s subsidiaries that is a borrower, or guarantees indebtedness, under the Company’s amended and restated credit facility.
In connection with the closing of the 2029 Notes offering, the Company also entered into an amended and restated senior secured revolving credit facility with commitments of $150 million in order to provide ongoing working capital and for general corporate purposes. At closing, approximately $58.8 million of borrowings were outstanding under the amended and restated facility with approximately $89.1 million available for additional borrowings after giving effect to $2.1 million of outstanding letters of credit.
The 2029 Notes were offered in a private offering only to persons who are reasonably believed to be qualified institutional buyers pursuant to Rule 144A and to certain persons outside of the United States pursuant to Regulation S, each under the Securities Act of 1933, as amended (the “Act”). Neither the 2029 Notes nor the related guarantees have been, nor will be, registered under the Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
