Service Corp International enters $2.175B unsecured credit agreement maturing 2028

SERVICE CORP INTERNATIONAL

$1.5B revolver and $675M term loan A, both maturing January 2028.
Proceeds to refinance existing credit facilities and pay related fees.
Interest rates: SOFR plus 1.50%-2.25% or base rate plus 0.50%-1.25%, based on leverage.
Leverage ratio covenant of 5.00x (step-up to 5.50x for three quarters after a qualified acquisition).
Indebtedness guaranteed by domestic subsidiaries; customary negative and affirmative covenants.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SERVICE CORP INTERNATIONAL entered into Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and certain other financial institutions, as lenders valued at $675 million senior term loan facility (effective 2023-01-11).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, and certain other financial institutions, as lenders
Value: $675 million senior term loan facility
Effective: 2023-01-11

Exact text from the filing

On January 11, 2023, Service Corporation International (the “Company”) entered into a new senior unsecured credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and certain other financial institutions, as lenders, providing for a $675 million senior term loan facility, maturing in January 2028

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SERVICE CORP INTERNATIONAL filing history →

Source: SEC EDGAR

accession 0001104659-23-003256

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