Mon, Jul. 6, 4:12 PM
May 28, 2014, 5:07 PM
- 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.
STON vs. ETF Alternatives
Stonemor Partners LP owns and operates the cemetery and funeral home business. The Company sells cemetery products and services both at the time of death, which it refers to as at-need and prior to the time of death, which it refers to as pre-need.
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