Porter Hedges Represents Carriage Services in its $325 Million Private Offering
Porter Hedges represented Carriage Services, Inc. ("Carriage Services") in connection with its private offering of $325 million aggregate principal amount of 6.625% senior notes due 2026.
In connection with the closing of the notes offering, Porter Hedges also advised Carriage Services in securing a new senior secured revolving credit facility with commitments of $150 million in order to provide ongoing working capital and for general corporate purposes. The new facility is undrawn at closing and has $148 million of availability after giving effect to the $2.0 million of letters of credit outstanding.
Carriage Services is a leading provider of deathcare services and merchandise in the United States. Carriage operates 178 funeral homes in 29 states and 32 cemeteries in 11 states.
The Porter Hedges team that assisted with the private offering included Nick Nicholas, James Cowen, Adam Nalley, Nickie Tran and Emily Ashby. The team that assisted with the credit facility was Joyce Soliman, Jason Lloyd, Sarah Elliott and Tom Boyd.
For additional information, please see the Carriage Service press release here.