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News Dec 12, 2017

SCI’s $550 Million Notes Offering

Shearman & Sterling represented Service Corporation International (SCI) in connection with the public offering of $550 million aggregate principal amount of its 4.625% senior notes due 2027.

Shearman & Sterling also advised SCI in connection with its entering into a $1.675 billion unsecured credit agreement maturing in 2022, consisting of a $1 billion revolving credit facility and a $675 million term loan. SCI will use the net proceeds from the bond offering, together with additional borrowings under these new credit facilities to refinance its existing credit facilities, redeem outstanding notes and pay related fees and expenses.

SCI, headquartered in Houston, Texas, is North America's leading provider of deathcare products and services. At September 30, 2017, it owned and operated 1,509 funeral homes and 476 cemeteries (of which 287 are combination locations) in 45 states, eight Canadian provinces, the District of Columbia and Puerto Rico. Through its businesses, SCI markets the Dignity Memorial® brand, which offers assurance of quality, value, caring service and exceptional customer satisfaction.

The Shearman & Sterling team was led by partner JD DeSantis (New York-Capital Markets) and associates Robert Giannattasio (New York-Capital Markets), Charles Zamiskie and Michelle Lee (both New York-Corporate). Other Shearman & Sterling lawyers involved in the transaction were partners Kristen Garry (Washington, DC-Tax) and Nathan Greene (New York-Investment Funds) and associates Adam Sternberg (New York-Tax), Catherine Sum (New York-Investment Funds) and Jenny Jordan (New York-Financial Institutions Advisory & Financial Regulatory).

Partner JD DeSantis and associates Akofa Tsiagbe (New York-Finance), Mohamed El-Sayed and Adam Hurwitz (both New York-Corporate) advised on the term loan and revolving credit facility.