Carriage Services closes $300M revolving credit facility, replaces $250M facility and terminates $100M ATM program

CARRIAGE SERVICES INC

New senior secured revolving credit facility provides up to $300,000,000 and matures September 30, 2031, with springing maturity to February 14, 2029 if 4.25% notes are not refinanced.
It replaces the existing $250 million facility, which was repaid and terminated on the closing date, increasing committed borrowing capacity by $50 million.
Borrowings price at Term SOFR plus 1.25% to 2.00%, or alternate base rate plus 0.25% to 1.00%, based on total net leverage; JPMorgan Chase is administrative agent.
Covenants include maximum total net leverage of 5.00x, adjusted 5.50x for qualifying acquisitions, and minimum fixed charge coverage of 1.20x.
Carriage also terminates its $100 million at-the-market equity program effective October 4, 2026 and lowers its targeted leverage range to 3.0x-3.5x from 3.5x-4.0x.

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