Carriage Services, Inc. Enters into a Second Amendment and Commitment Increase to its First Amended and Restated Credit Agreement
June 01, 2022 at 04:49 pm EDT
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On May 27 2022, Carriage Services, Inc. entered into a second amendment and commitment increase to its first amended and restated credit agreement dated May 13, 2021 with the financial institutions party thereto, as lenders, and Bank of America, N.A., as administrative agent. The Credit Agreement Amendment provides, among other things, for (i) an increase to the Revolving Credit Commitments (as defined in the Amended Credit Agreement) under the Amended Credit Agreement from $200.0 million to $250.0 million in the aggregate; (ii) modifications to the definitions of “Applicable Rate” and “Applicable Fee Rate” to change the applicable rates and pricing levels set forth in each pricing grid; (iii) the establishment of the Bloomberg Short-Term Bank Yield Index Rate (BSBY) as a benchmark rate and the removal of LIBOR from the Amended Credit Agreement; (iv) an increase in the maximum Total Leverage Ratio (as defined in the Amended Credit Agreement) to 5.25 to 1.00; and (v) modifications to the restricted payments covenant to allow the Company to make additional stock repurchases, subject to the satisfaction of certain conditions therein.
Carriage Services, Inc. is a provider of funeral and cemetery services and merchandise in the United States. Its Funeral home and cemetery businesses provide products and services to families in three areas: ceremony and tribute, generally in the form of a funeral or memorial service; disposition of remains, either through burial or cremation, and memorialization, generally through monuments, markers or inscriptions. Its funeral homes offer a complete range of services to meet a family's funeral needs, consultation, the removal and preparation of remains, the sale of caskets and related funeral merchandise, the use of funeral home facilities for visitation and memorial services and transportation services. Its Cemeteries provides interment rights (primarily grave sites, lawn crypts, mausoleum spaces and niches), related cemetery merchandise (such as memorial markers, outer burial containers and monuments) and services (interments, inurnments and installation of cemetery merchandise).
CARRIAGE SERVICES, INC. 
