Service Corporation International Secures $800 Million in Notes
Service Corporation International Pricing of Senior Notes
Service Corporation International (NYSE: SCI), a prominent provider of funeral and cemetery services, has successfully priced an underwritten public offering. This offering comprises an aggregate principal amount of $800 million in senior notes, which carry an interest rate of 5.75% and are set to mature in 2032.
Use of Proceeds from the Offering
The net funds garnered from this substantial offering will primarily be allocated towards repaying existing loans under the company's revolving credit facility, alongside settling related fees, interests, and associated expenses. This strategic move is aimed at enhancing the overall financial health of the company.
Key Details of the Offering
Wells Fargo Securities has taken on the notable role of lead joint book-running manager for this senior notes offering. Investors interested in participating should note that the offering is being conducted under an ongoing shelf registration statement filed with the Securities and Exchange Commission (SEC).
Accessing the Prospectus Supplement
For those wishing to gain further information about the public offering, it will be made available through a prospectus supplement and an accompanying base prospectus. Once filed, the prospectus supplement can be accessed via the SEC’s official website.
Company Overview and Operations
Service Corporation International stands as North America's leading provider of funeral, cemetery, and cremation services, dedicated to serving over 600,000 families every year. The company's comprehensive range of brand offerings allows families to select from straightforward cremation services to elaborate life celebration events. Their Dignity Memorial® brand is celebrated for its professionalism and compassion, echoing the company’s commitment to exemplary service.
Current Operations of Service Corporation International
As of June 30, the company operates 1,490 funeral service locations and 492 cemeteries across 44 states and Canada. This wide-reaching operation underscores Service Corporation International's pivotal role in its industry, making it a trusted choice for families during significant moments.
Investor Relations and Communication
For those interested in understanding more about the company's operations, Service Corporation International has a dedicated investor relations team that provides ongoing updates and insights into its strategies and market movements. The team is available to address any inquiries regarding the company's financial performance or strategic direction.
Frequently Asked Questions
What are the terms of the senior notes offering by SCI?
The offering includes an aggregate principal amount of $800 million in senior notes with a 5.75% interest rate, maturing in 2032.
How will SCI utilize the proceeds from the offering?
Service Corporation International plans to use the net proceeds to repay loans from its revolving credit facility and cover related costs.
Who is managing the senior notes offering?
Wells Fargo Securities is the lead joint book-running manager for the offering.
Where can investors find the prospectus for the notes offering?
The prospectus will be available on the SEC's website once it is filed and can also be obtained from Wells Fargo Securities.
What services does Service Corporation International offer?
Service Corporation International provides funeral, cemetery, and cremation services, along with advance final arrangement planning for families.
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