STON - StoneMor shares down on announcing $400M debt raise

StoneMor (STON) down 3.6% premarket on offering $400M of its senior secured notes due 2029 in a private placement. The company intends to use a substantial portion of the net proceeds to redeem all of the currently outstanding ~$338M of 9.875%/11.500% senior secured PIK Toggle notes due 2024 issued by its wholly-owned subsidiaries StoneMor Partners L.P. and Cornerstone Family Services of West Virginia Subsidiary, Inc. and any remaining proceeds will be used for general corporate purposes.

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StoneMor shares down on announcing $400M debt raise