News

Printer Friendly Version Print Version
Service Corporation International Announces Offer to Exchange Up to $300 Million of New 7.70% Notes Due 2009 for Existing 6% Notes Due 2005

HOUSTON, Aug. 7 /PRNewswire-FirstCall/ -- Service Corporation International (NYSE: SRV), the world's largest funeral and cemetery company, today announced it intends to offer to exchange, in a private placement, up to $300 million aggregate principal amount of 7.70% Senior Notes due April 15, 2009 for an equivalent principal amount of its existing 6% Senior Notes due December 15, 2005.

The Company is offering to issue $1,000 principal amount of new 7.70% Senior Notes for each $1,000 principal amount of existing 6% Senior Notes validly tendered and accepted by the Company. In addition, the Company is offering to pay $27.50 in cash for each $1,000 principal amount of existing 6% Senior Notes validly tendered prior to 5:00 p.m., EDT, on Friday, August 23, 2002, and accepted by the Company. The Company will also pay in cash accrued interest to the settlement date on all existing 6% Senior Notes validly tendered and accepted.

If more than $300 million in aggregate principal amount of existing 6% Senior Notes are validly tendered and not withdrawn, the Company will accept tenders from holders on a pro rata basis. The exchange offer will expire at 5:00 p.m., EDT, on September 5, 2002, unless extended. The exchange offer is subject to customary conditions.

The exchange offer is only being made inside the United States to investors who are qualified institutional buyers or institutional accredited investors and outside the United States to non-U.S. persons. The new 7.70% Senior Notes have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The Company will enter into a registration rights agreement pursuant to which it will agree to file an exchange offer registration statement with the Securities and Exchange Commission with respect to the new 7.70% Senior Notes.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.

As of June 30, 2002, the Company and its affiliates operated 2,466 funeral service locations, 459 cemeteries and 154 crematoria and provides funeral and cemetery services in 8 countries.

     For additional information contact:

     Investor Relations:
     Eric D. Tanzberger - Vice President/Investor Relations
                          Assistant Corporate Controller
                          Tel: (713) 525-7768

     Debbie E. Fisher - Director/Investor Relations  Tel: (713) 525-9088

     Media Relations:
     Greg Bolton - Director/Corporate Communications Tel: (713) 525-5235

Other Service Corporation International information and news releases are available through SCI's corporate website at: http://www.sci-corp.com .

MAKE YOUR OPINION COUNT - Click Here

http://tbutton.prnewswire.com/prn/11690X31723867
SOURCE Service Corporation International
Web site: http: //www.sci-corp.com
Company News On-Call: http: //www.prnewswire.com/comp/104532.html
CONTACT: investor relations, Eric D. Tanzberger, Vice President-Investor Relations, Assistant Corporate Controller, +1-713-525-7768, or Debbie E. Fisher, Director-Investor Relations, +1-713-525-9088, or media relations, Greg Bolton, Director-Corporate Communications, +1-713-525-5235, all of Service Corporation International