Cemetery operator prices secondary stock offering

StoneMore Partners L.P., a publicly traded Bristol cemetery and funeral home owner and operator, said it priced a public offering of 3.6 million shares at $20.26 each.

Of the total, the company will sell 2.65 million shares, and shareholders are selling 985,000 shares.

Stonemor said it will use the net proceeds of about $49.8 million from the shares it is selling to pay a portion of the cash purchase price of 45 cemeteries, 30 funeral homes and one pet cemetery it acquired from Service Corp. International and related entites.

Stonemor said the offering is expected to close Friday. The company's shares were down 66 cents at $19.60 in Nasdaq trading at noon.