Exhibit 99.2
Service Corporation International Announces Commencement of Cash Tender Offer
HOUSTON, Texas, August 3, 2020 — Service Corporation International (NYSE: SCI) (the “Company”) announces today that it commenced a cash tender offer to repurchase any and all of its $850 million 5.375% Senior Notes due 2024 (CUSIP No. 817565 CB8/ ISIN No. US817565CB82) (the “Notes”).
The tender offer is being made upon the terms and subject to the conditions set forth in the Offer to Purchase, dated August 3, 2020 (as amended or supplemented from time to time, the “Offer to Purchase”), and in the related Letter of Transmittal (as amended or supplemented from time to time, the “Letter of Transmittal”) and Notice of Guaranteed Delivery (as amended or supplemented from time to time, the “Notice of Guaranteed Delivery” and collectively with the Offer to Purchase and the Letter of Transmittal, the “Offer Documents”).
The total consideration for each $1,000 principal amount of Notes validly tendered and purchased pursuant to the tender offer is $1,020.42. The table below summarizes certain payment terms of the tender offer:
| | | | | | |
CUSIP No. | | Outstanding Principal Amount | | Title of Security | | Consideration |
|
| 817565 CB8 | | $850,000,000 | | 5.375% Senior Notes due 2024 | | $1,020.42 |
The tender offer will expire at 5:00 p.m., New York City time, on August 7, 2020 (such time and date, as it may be extended, the “Expiration Date”). Notes tendered may be withdrawn at any time at or before 5:00 p.m., New York City time, on August 7, 2020 (such time and date, as it may be extended, the “Withdrawal Deadline”), but not thereafter, except as required by law.
Holders whose Notes are purchased pursuant to the tender offer, including Notes tendered pursuant to the Notice of Guaranteed Delivery, will receive, in addition to the consideration, accrued and unpaid interest in respect of their purchased Notes from the last interest payment date to, but not including, the Settlement Date (as defined below). The Company will accept tenders of the Notes only in principal amounts of $2,000 and integral multiples of $1,000 in excess thereof.
The Company intends to use the net proceeds from a proposed $850 million capital markets transaction to fund the tender offer and pay related fees and expenses. Following payment for the Notes accepted pursuant to the terms of the tender offer, the Company may redeem the Notes that remain outstanding. The Notes are currently redeemable at a price equal to 101.792% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to the date of redemption. The Offer Documents do not constitute a notice of redemption or an obligation to issue a notice of redemption.
General
Subject to the terms and conditions of the tender offer being satisfied or waived, the Company will, promptly after the Expiration Date, accept for purchase all Notes validly tendered pursuant to the tender offer at or before the Expiration Date (and not validly withdrawn at or before the Withdrawal Deadline). The Company will pay the consideration for such Notes accepted for purchase promptly following the acceptance of such Notes for purchase (the date of such payment being referred to as the “Settlement Date”). The Settlement Date is expected to be August 10, 2020. In addition, the Company will, promptly after the guaranteed delivery time (which will be 5:00 p.m., New York City time, on the second business day after the Expiration Date), accept for purchase all Notes validly tendered (and not validly withdrawn) pursuant to the guaranteed delivery procedures set forth in the Offer Documents. The Company will pay the consideration for such Notes accepted for purchase promptly following the acceptance of such Notes for purchase.
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