Carriage Services announced a $300 million credit facility, enhancing borrowing capacity and flexibility for growth initiatives.
Quiver AI Summary
Carriage Services, Inc. announced the closing of a new $300 million senior secured revolving credit facility, replacing its previous $250 million facility and increasing its borrowing capacity by $50 million. The new facility extends maturity to September 30, 2031, and is expected to lower borrowing costs and improve capital allocation flexibility, supporting growth investments, acquisitions, and refinancing activities. CEO Carlos Quezada emphasized its importance in strengthening the company's capital structure, while CFO John Enwright noted enhanced capacity and reduced borrowing spreads. Several banks, including JPMorgan Chase, acted as key partners in securing this facility.
Potential Positives
- Carriage Services has closed a new $300 million senior secured revolving credit facility, increasing its committed borrowing capacity by $50 million compared to the previous facility.
- The New Facility is expected to reduce the effective borrowing margin by approximately 50 basis points, thereby lowering the company's cost of capital.
- This new financing structure provides greater flexibility for working capital, capital expenditures, strategic acquisitions, and general corporate purposes.
- The extension of the maturity date to September 30, 2031, enables the company to stabilize its financial planning over a longer horizon.
Potential Negatives
- The increase in borrowing capacity may signal a reliance on debt financing, which could raise concerns about the company's financial stability in the long term.
- The existence of a springing-maturity provision indicates potential risks if the company's financial situation worsens, as it could trigger earlier repayment obligations.
- The mention of maintaining a maximum leverage ratio of 5.00x could imply that the company is operating close to its leverage limits, which may constrain financial flexibility in the future.
FAQ
What is the new credit facility announced by Carriage Services?
Carriage Services has closed a new $300 million senior secured revolving credit facility, increasing its borrowing capacity and terms.
How does the new facility affect Carriage's debt structure?
The new facility replaces a $250 million previous facility, extending maturity to September 30, 2031, and reducing borrowing costs.
What benefits does the new facility provide to Carriage Services?
The facility offers increased capacity, lower costs, and enhanced flexibility for growth investments and acquisitions while maintaining financial discipline.
Who were the lead banks in the new credit facility arrangement?
JPMorgan Chase Bank served as the Administrative Agent, with Truist Bank and Regions Bank as Joint Bookrunners and Arrangers.
How many funeral homes and cemeteries does Carriage operate?
As of June 30, 2026, Carriage operates 155 funeral homes in 24 states and 28 cemeteries in 9 states.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CSV Revenue
$CSV had revenues of $102.9M in Q2 2026. This is an increase of 0.79% from the same period in the prior year.
You can track CSV financials on Quiver Quantitative's CSV stock page.
You can access data on CSV stock through the Quiver Quantitative API.
$CSV Hedge Fund Activity
We have seen 82 institutional investors add shares of $CSV stock to their portfolio, and 65 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- T. ROWE PRICE INVESTMENT MANAGEMENT, INC. added 725,953 shares (+inf%) to their portfolio in Q2 2026, for an estimated $27,833,038
- SIXTH STREET PARTNERS MANAGEMENT COMPANY, L.P. added 128,001 shares (+inf%) to their portfolio in Q2 2026, for an estimated $4,907,558
- JPMORGAN CHASE & CO added 102,813 shares (+inf%) to their portfolio in Q2 2026, for an estimated $3,941,850
- BLACKROCK, INC. added 78,615 shares (+7.7%) to their portfolio in Q2 2026, for an estimated $3,014,099
- POLAR ASSET MANAGEMENT PARTNERS INC. added 71,905 shares (+28.3%) to their portfolio in Q2 2026, for an estimated $2,756,837
- SWEDBANK AB added 65,325 shares (+79.5%) to their portfolio in Q2 2026, for an estimated $2,504,560
- TWO SIGMA INVESTMENTS, LP removed 61,640 shares (-16.9%) from their portfolio in Q2 2026, for an estimated $2,363,277
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.
Full Release
HOUSTON, Sept. 30, 2026 (GLOBE NEWSWIRE) -- Carriage Services, Inc. (NYSE: CSV) (“Carriage” or the “Company”), a leading provider of funeral and cemetery services and merchandise in the United States, today announced the closing of a new $300 million senior secured revolving credit facility (the “New Facility”).
The New Facility replaces Carriage’s existing $250 million senior secured revolving credit facility (the “Previous Facility”), increasing committed borrowing capacity by $50 million.
The New Facility has a stated maturity of September 30, 2031, subject to a customary springing-maturity provision tied to the Company’s 4.25% senior notes due 2029. It replaces the Company’s Previous Facility, which was scheduled to mature on July 31, 2029, and included a springing-maturity provision.
Borrowings under the New Facility bear interest at the Term Secured Overnight Financing Rate plus 1.25% to 2.00% or an alternate base rate plus 0.25% and 1.00%, at the Company’s election, depending on the Company’s total net leverage ratio at the time of the applicable borrowing.
Based on the Company’s current leverage level, the New Facility is expected to reduce the effective borrowing margin by approximately 50 basis points as total net leverage declines below 4.0x. The New Facility also provides improved commitment-fee pricing across most leverage tiers, which is expected to meaningfully lower the Company’s cost of capital, enhance expected returns on incremental growth investments, and support a disciplined balance sheet.
The Company’s obligations under the New Facility are guaranteed by certain wholly owned subsidiaries and secured by a first-priority lien on substantially all of the assets of the Company and of the subsidiary guarantors.
The New Facility provides additional flexibility to support working capital, capital expenditures, strategic acquisitions, refinancing activities and other general corporate purposes. It also includes additional covenant flexibility for qualifying acquisitions while maintaining the Company’s baseline maximum leverage ratio of 5.00x and minimum fixed-charge coverage ratio of 1.20x.
“The closing of our new credit facility represents another important step in strengthening Carriage’s capital structure and advancing the Company’s long-term growth strategy,” said Carlos Quezada, Vice Chairman and Chief Executive Officer of Carriage Services. “The increased capacity, lowered costs, and enhanced flexibility support our ability to invest in our premier businesses and pursue attractive acquisition opportunities while maintaining a disciplined and balanced approach to capital allocation.”
John Enwright, Senior Vice President, Chief Financial Officer and Treasurer, added, “We are pleased to have proactively completed this facility with the strong support of our new and existing lending partners. The new agreement increases our committed capacity, extends our stated maturity profile and reduces borrowing spreads across the pricing grid. It also provides greater flexibility to execute our growth and capital-allocation priorities while preserving the financial discipline that remains central to our strategy.”
JPMorgan Chase Bank, N.A. serves as Administrative Agent and acted as Lead Left Bookrunner and Lead Left Arranger. Truist Bank and Regions Bank also acted as Joint Bookrunners, Joint Lead Arrangers and Co-Syndication Agents.
Additional information regarding the New Facility will be included in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission.
About Carriage Services
Carriage Services is a leading provider of funeral and cemetery services and merchandise in the United States. As of June 30, 2026, Carriage operates 155 funeral homes in 24 states and 28 cemeteries in 9 states. Carriage is dedicated to delivering premier experiences through innovation, partnership, and elevated service.
For more information, please contact us at [email protected] .
Cautionary Statement
Certain statements made herein or elsewhere by, or on behalf of, Carriage (the "Company") that are not historical facts are intended to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on assumptions that the Company believes are reasonable; however, many important factors, as discussed under "Forward-Looking Statements and Cautionary Statements" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and in the Company’s Quarterly Reports on Form 10-Q, could cause the Company's results in the future to differ materially from the forward-looking statements made herein and in any other documents or oral presentations made by, or on behalf of, the Company. The Company assumes no obligation to update or publicly release any revisions to forward-looking statements made herein or any other forward-looking statements made by, or on behalf of, the Company. A copy of the Company's Annual Report on Form 10-K, the Company's Quarterly Reports on Form 10-Q, and other information about the Company and news releases, are available at https://www.carriageservices.com .
