Stewart Enterprises has refinanced its credit facility to push out maturities and achieve better rates, said Martin de Laureal, senior v.p. investor and corporate relations for the funeral services provider. The new deal improves the spread on the revolver by 50 basis points and the "B" loan spread by 75 bps. The new credit comprises a five-year, $125 million revolver at LIBOR plus 1 1/2% and seven-year, $100 million "B" loan at LIBOR plus 1 3/4%.
Banc of America Securities is the lead arranger on the credit. SunTrust Bank is syndication agent, Calyon is documentation agent. Other lenders include BNP Paribas, U.S. Bank, Crédit Industriel et Commercial, Hibernia Bank, National City Bank, Allied Irish Bank and CIT Lending Services Corp.