Carriage Services closes $300 million revolving credit facility, replacing $250 million line
CSV•Carriage Services closed a $300 million senior secured revolving credit facility, replacing its $250 million revolver. The facility matures Sept. 30, 2031, subject to a springing maturity tied to its 4.25% senior notes due 2029.
1. Facility terms
The facility's pricing is Term SOFR plus 1.25% to 2.00%, or an alternate base rate plus 0.25% to 1.00%, based on net leverage. It retains a 5.00x maximum leverage covenant and a 1.20x minimum fixed-charge coverage ratio. JPMorgan Chase Bank is administrative agent; Truist Bank and Regions Bank are joint bookrunners and co-syndication agents.
