Houston-based Service Corporation International signed commitments with J.P. Morgan Chase to launch a $200 million revolving credit facility last week for the company. Jeffrey Curtis, cfo, said the company is looking to close the single-tranche credit by the end of this month and indications thus far show that pricing is expected at LIBOR plus 3%. He declined to name other banks participating on the loan. "We are shooting for $200 million but we would settle for less or accept more," he said. Curtis declined to elaborate on whether or not he expects the credit to be oversubscribed.
Curtis said the loan will be used for general corporate purposes. The company is a provider of funeral and cemetery services.