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Service Corporation International Announces $536 Million Note Tender Offers And Results Of Sale Of Eci Shares
HOUSTON, Feb. 18 /PRNewswire/ -- Service Corporation International (NYSE: SRV) (SCI), the world's largest funeral and cemetery company, announced today that it is offering to purchase a total of approximately $536 million of three issues of its outstanding notes. The notes covered are: the $150 million 7-7/8% Notes due February 1, 2013, $200 million 8-3/8% Notes due December 15, 2004, and $186 million Medium-Term Notes, Series A. SCI indicated that such transactions would reduce its annual interest costs in future periods and that the costs of such transactions would be included in its financial results for the quarter ended March 31, 1997.
NationsBanc Capital Markets, Inc. is serving as Dealer Manager and D.F. King & Co., Inc. is serving as Information Agent in connection with the tender offers. With respect to the tender offers for the Medium-Term Notes, SCI is soliciting consents from holders to an amendment to the lien covenant applicable to the Medium-Term Notes. This change is designed to conform the lien covenant to the provisions applicable to SCI's other public debt securities.
Additionally, SCI announced the results of its sale of 7,994,000 shares of Equity Corporation International. SCI received sale proceeds of approximately $148 million producing an after tax gain of approximately $42 million, which will be included in its financial results for the quarter ended March 31, 1997.
Service Corporation International is the largest funeral and cemetery
organization in the world, with 2,882 funeral service locations, 345
cemeteries and 150 crematoria as of December 31, 1996. SCI provides funeral
and cemetery services in North America, Europe and the Pacific Rim. SCI's
stock is traded on the New York Stock Exchange. The company's ticker symbol