Keystone North America Inc. and Keystone Newport ULC, the fourth largest operator of funeral homes in the United States, with 171 funeral homes and ten cemeteries across the United States and the Province of Ontario, announced today that it has closed its offering of 4,945,000 income participating securities (IPS), including 645,000 IPSs issued on exercise of the over-allotment option, at a price of C$8.15 per IPS for total gross proceeds of C$40.3 million.
The offering was underwritten by a syndicate of underwriters led by BMO Capital Markets and Scotia Capital Inc.
Keystone used a portion of the proceeds today to complete two previously announced transactions:
(i) the acquisition three funeral homes in Michigan by acquiring 100% of the shares of Fred H. Kaul Funeral Homes, Inc. and
(ii) the redemption of approximately 526,400 Class B Common Shares of Keystone Group Holdings, Inc. Management expects the remainder of the proceeds to be used for general corporate purposes and, subject to the approval of the U.S. Federal Trade Commission, to finance the acquisition of 11 funeral homes and four cemeteries from Service Corporation International. -- www.cnxmarketlink.com
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