StoneMor Partners Falls 3%, Company Announces Public Offering

Shares of StoneMor Partners L.P. STON, an owner and operator of cemeteries and funeral homes, were trading lower by nearly 3 percent Friday morning at $23.87 after the company announced a public offering of its common stock.

StoneMor Partner's disclosed after Thursday's market close it plans on selling 2 million common units of its common stock at a price of $24.76 per share.

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StoneMor's stock closed for trading at $24.57 on Thursday.

The company added it will use the proceeds to pay down outstanding indebtedness under its revolving credit facility.