StoneMor Partners L.P. : Receives Revised Credit Facility From Senior Bank Syndicate to Facilitate Business Growth Including New Acquisitions

LEVITTOWN, Pa., Jan. 19, 2012 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (NYSE:STON) today announced that the company has received from its senior bank syndicate a revised and increased credit facility which will facilitate the growth of its business, including future cemetery and funeral home acquisitions. The credit facility was increased by $10 million to $130 million, requires no amortization of principal, the loan term was extended until 2017, and the interest rate was reduced by eliminating the LIBOR floor. The fixed charge coverage ratio was eliminated and replaced by a debt service coverage ratio which provides the company with enhanced flexibility. 

Lawrence Miller, President and CEO, stated: "I am pleased that the revised credit facility gives the company significant borrowing capabilities and provides StoneMor more flexibility as we continue to make strategic acquisitions. Our senior bank syndicate continues to understand our business model and has helped to provide us with the financing to carry it out."

The full details concerning the revised and improved credit facility can be found in a Form 8-K which will be filed shortly.

About StoneMor Partners L.P.

StoneMor Partners L.P., headquartered in Levittown, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 274 cemeteries and 69 funeral homes in 28 states and Puerto Rico. StoneMor is the only publicly traded death care company structured as a partnership. StoneMor's cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials, and all services which provide for the installation of this merchandise.

CONTACT: Tim Yost

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Source: StoneMor Partners L.P.

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