Direct lenders vie to resurrect cemetery owner StoneMor [Reuters]
StoneMor Inc. (STON)
US:NYSE Investor Relations:
stonemor.com/investors/default.aspx
Company Research
Source: Reuters
Direct lenders vie to resurrect cemetery owner StoneMor - Reuters 7 Min Read NEW YORK (Reuters) - The rising debt load at U.S. cemetery operator StoneMor Partners LP has helped bring it to death’s door, but specialized lending funds are clamoring to refinance the company’s borrowings, according to sources familiar with talks. In the wake of the financial crisis when interest rates sank to historic lows, StoneMor borrowed over $300 million to acquire cemeteries and funeral parlors. The strategy added the deathcare company to a generation of companies now saddled with debt that has limited growth prospects. This borrowing binge led the Federal Reserve to warn in its most recent financial stability report that business debt over the past decade has grown faster than the overall economy. In the event of an economic downturn, high debt levels leave companies - and sectors - vulnerable to collapse. StoneMor has not turned a profit since 2008, has missed deadlines to report financial results
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