StoneMor Partners Prices Unit At $23.65

StoneMor Partners L.P. STON disclosed that it priced 2.0 million units of limited partner interests at $23.65 a unit. The company said it has granted 30-day option to the underwriters to acquire a maximum of 300,000 additional common units to cover over-allotments.

StoneMor plans to use the net proceeds to pay down outstanding debt under its revolving credit facility. According to the company, if the underwriters exercised their option, it would use the proceeds also to pay down the outstanding debt under its revolving credit facility.

The company would get net proceeds of $44.7 million from the offering. If the underwriters exercised their options, then the net proceeds would increase to about $51.5 million.

While Raymond James was acting as a co-book-runner for the offering, Janney Montgomery Scott and Wunderlich were the senior co-managers. BB&T Capital Markets and Ladenburg Thalmann were serving as co-managers to the offering.

Following the news, the stock traded down by 3.8 percent on Friday.