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Service Corp. notes price tight to talk, at 4.5%; terms

Service Corp. International today completed a drive-by offering of senior notes via joint bookrunners J.P. Morgan, Bank of America, and Wells Fargo, according to sources. Terms were inked at the tight end of talk and at the $200 million target size. The issuer will use proceeds from the SEC-registered offering to redeem its 7.375% notes due 2014, with roughly $181 million outstanding, a filing shows. Houston, Texas-based Service Corp., a provider of deathcare products and services, operates funeral homes and cemeteries in North America and Germany. Terms:

 

Issuer Service Corp. International
Ratings BB-/Ba3
Amount $200 million
Issue senior notes (SEC Reg.)
Coupon 4.5%
Price 100
Yield 4.5%
Spread T+318
Maturity Nov. 15, 2020
Call nc3
Trade Nov. 5, 2012
Settle Nov. 8, 2012 (T+3)
Books JPM/BAML/WF
Jt Leads
Co’s.
Px talk 4.5-4.75%
Notes w/ change-of-control put @ 101.

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