TREVOSE, Pa., July 09, 2020 (GLOBE NEWSWIRE) -- StoneMor Inc. (NYSE: STON) (“StoneMor”) today announced the extension of the expiration date of the exchange offer for all of the outstanding 9.875%/11.500% Senior Secured PIK Toggle Notes due 2024 (the “Old Notes”) issued by StoneMor Partners L.P. and Cornerstone Family Services of West Virginia Subsidiary, Inc. (together the “Issuers”) for an equal principal amount of new 9.875%/11.500% Senior Secured PIK Toggle Notes due 2024 (the “New Notes”) issued by the Issuers that have been registered under the Securities Act of 1933, as amended. StoneMor is the sole general partner of StoneMor Partners L.P. and Cornerstone Family Services of West Virginia Subsidiary, Inc. is a wholly-owned subsidiary of StoneMor Partners L.P. The expiration date is hereby extended from 5:00 p.m. New York City time, on July 8, 2020 to 5:00 p.m. New York City time, on July 9, 2020. Except as described in this press release, all other terms of the exchange offer remain unchanged.
As of 5:00 p.m. New York City time on July 8, 2020, $349,582,918 aggregate principal amount of Old Notes were validly tendered and not validly withdrawn.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the New Notes or any other security and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any persons to whom, such an offer, solicitation or sale would be unlawful. The exchange offer is being made only pursuant to the prospectus dated June 4, 2020, and the related letters of transmittal and only to such persons and in such jurisdictions as is permitted under applicable law.
About StoneMor Inc.
StoneMor, headquartered in Trevose, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 319 cemeteries and 88 funeral homes in 27 states and Puerto Rico.
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. For additional information about StoneMor Inc., please visit StoneMor’s website, and the investors section, at http://www.stonemor.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release, including, but not limited to, information regarding the timing of the exchange offer and the issuance of the New Notes in exchange for the Old Notes, are forward-looking statements. Generally, the words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “project,” “expect,” “predict,” “focus,” “review,” “cash flow,” “confident,” “filed timely,” and similar expressions identify these forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on management’s current expectations and estimates. These statements are neither promises nor guarantees and are made subject to certain risks and uncertainties that could cause actual results to differ materially from the results stated or implied in this press release. StoneMor’s major risks are related to uncertainties associated with current business and economic disruptions resulting from the recent coronavirus pandemic, including the effect of government regulations issued in connection therewith, StoneMor’s substantial secured and unsecured indebtedness, its ability to refinance its secured indebtedness in the near term, 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 and service its debt, as well as with StoneMor’s ability to maintain an effective system of internal control over financial reporting and disclosure controls and procedures.
When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements discussed in the Registration Statement on Form S-4 including the annex thereto, as filed by the Issuers with the U.S. Securities and Exchange Commission and as amended, relating to the exchange offer or in 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.