StoneMor Partners (NYSE:STON) has priced its upcoming unit offering. The company is to issue 1.4 million common units at $25.35 apiece in an underwritten public flotation. Additionally, the company's underwriters have been granted a 30-day purchase option for an additional 210,000 million units to cover over-allotments, if any.
The offering was increased from the previously-announced level by 200,000 units.
StoneMor said it plans to use the issue's anticipated net proceeds of around $33.3 million (or $38.4 million if the underwriters exercise their options) to retire some of the outstanding borrowings drawn from the firm's existing credit facility.
Raymond James and Janney Montgomery Scott are the two underwriters of the offering.
Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends StoneMor Partners. The Motley Fool owns shares of StoneMor Partners. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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