StoneMor Partners inks deal for 13 Philadelphia-area cemeteries; launches secondary

Under terms of the 60-year agreement with the Archdiocese of Philadelphia, StoneMor (STON) will operate and manage 13 Catholic cemeteries. StoneMor has made an initial lease payment of $53M and agrees to annual payments of $1M in years 6-12, $1.2M in years 21-25, and $1.5M in years 26-35.

StoneMor also launches an offering of 2.6M common units with an underwriter greenshoe of 390K more units. The proceeds will first be used to fund the acquisition of certain assets from Service Corporation International.

Shares unchanged AH in light trading.

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