TREVOSE, Pa., April 26, 2016 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (NYSE:STON) (“StoneMor”) and its subsidiary, Cornerstone Family Services of West Virginia Subsidiary, Inc. (together, the “Issuers”), today announced that they will extend their offer to exchange (the “Exchange Offer”) up to $175,000,000 of their outstanding 7⅞% Senior Notes due 2021 (the “Original Notes”) for up to $175,000,000 of their 7⅞% Senior Notes due 2021, which have been registered under the Securities Act of 1933, as amended (the “Exchange Notes”). All other terms of the Exchange Offer, as described in the prospectus dated March 24, 2016, remain unchanged.
The Exchange Offer will now expire at 5:00 p.m. New York City Time on May 2, 2016, unless further extended by the Issuers. The Exchange Offer was scheduled to expire at 5:00 p.m., New York City Time, on April 25, 2016. The Issuers have been advised by their exchange agent that, as of 5:00 p.m. New York City Time on April 25, 2016, $174,875,000 in aggregate principal amount of Original Notes, representing approximately 99.9% of the outstanding aggregate principal amount of the Original Notes, had been tendered and not validly withdrawn. The Exchange Offer is being extended in order to provide holders of the Original Notes who have not yet tendered their notes for exchange additional time to do so.
This press release is for informational purposes only and is not an offer to buy or sell or the solicitation of an offer to buy or sell any of the securities described herein, nor shall there be any offer, solicitation or sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. A registration statement on Form S-4 relating to the Exchange Offer was declared effective by the Securities and Exchange Commission on March 24, 2016. The Exchange Offer was made only pursuant to the Exchange Offer documents that were distributed to holders of the Original Notes, including the prospectus dated March 24, 2016, and the related letter of transmittal.
About StoneMor Partners L.P.
StoneMor Partners L.P., headquartered in Trevose, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 307 cemeteries and 105 funeral homes in 28 states and Puerto Rico. StoneMor is the only publicly traded death care company structured as a partnership. StoneMor’s cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials, and all services which provide for the installation of this merchandise.
Forward-Looking Statements
Certain statements contained in this press release, including, but not limited to, information regarding the status and progress of StoneMor’s operating activities, the plans and objectives of StoneMor’s management, assumptions regarding StoneMor’s future performance and plans, and any financial guidance provided or guidance related to StoneMor’s future distributions, as well as certain information in StoneMor’s other filings with the SEC and elsewhere, are forward-looking statements. Generally, the words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend (including, but not limited to StoneMor’s intent to maintain or increase its distributions),” “project,” “expect,” “predict” and similar expressions identify these forward-looking statements.
These forward-looking statements are made subject to certain risks and uncertainties that could cause actual results to differ materially from those stated or implied. StoneMor’s major risk is related to uncertainties associated with the cash flow from pre-need and at-need sales, trusts and financings, which may impact StoneMor’s ability to meet its financial projections, its ability to service its debt and pay distributions and its ability to increase its distributions.
StoneMor’s additional risks and uncertainties include, but are not limited to, the following: uncertainties associated with future revenue and revenue growth; uncertainties associated with the integration or anticipated benefits of recent acquisitions or any future acquisitions; StoneMor’s ability to complete and fund additional acquisitions; the effect of economic downturns; the impact of StoneMor’s significant leverage on its operating plans; the decline in the fair value of certain equity and debt securities held in StoneMor’s trusts; StoneMor’s ability to attract, train and retain an adequate number of sales people; uncertainties associated with the volume and timing of pre-need sales of cemetery services and products; increased use of cremation; changes in the death rate; changes in the political or regulatory environments, including potential changes in tax accounting and trusting policies; StoneMor’s ability to successfully implement a strategic plan relating to achieving operating improvements, strong cash flows and further deleveraging; StoneMor’s ability to successfully compete in the cemetery and funeral home industry; litigation or legal proceedings that could expose StoneMor to significant liabilities and damage StoneMor’s reputation; the effects of cyber security attacks due to StoneMor’s significant reliance on information technology; uncertainties relating to the financial condition of third-party insurance companies that fund StoneMor’s pre-need funeral contracts; and various other uncertainties associated with the death care industry and StoneMor’s operations in particular.
When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements set forth in StoneMor’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 29, 2016, and the other reports that StoneMor files with the Securities and Exchange Commission, from time to time. Except as required under applicable law, StoneMor assumes no obligation to update or revise any forward-looking statements made herein or any other forward-looking statements made by it, whether as a result of new information, future events or otherwise.