Carriage Services Inc. Announces Amendment To Credit Facility - Quick Facts

(RTTNews) - Carriage Services, Inc. (CSV) announced that it has entered into a fifth amendment to the Credit Agreement and the new credit agreement under the Fifth Amendment, increases, in total, from $235 million to $325 million and continues to be administered by Bank of America, N.A.

The company said the Fifth Amendment will become effective upon consummation of that certain Asset Sale Agreement, by certain subsidiaries of each of the company and Service Corporation International, which was previously announced on March 5, 2014.

Following effectiveness of the Fifth Amendment, obligations under the Credit Agreement will mature on March 31, 2019, the company said.

Carriage Services stated that the Fifth Amendment provides for an increase in the revolving credit facility from $125 million to $200 million. Borrowings under the term loan facility of $125 million are subject to amortization payments of 7.5% of the principal amount in the first two years following the Fifth Amendment effective date, 10.0% for the third and fourth years following the Fifth Amendment effective date and 12.5% per year thereafter.