...- Carriage Services Inc. (CSV) announced it expects to complete four acquisitions by January 2020 for a total purchase price of $172 million. - The company has also amended its credit agreement and upsized its revolver to $200 million from $150 million (not rated). In addition, it plans to launch a $75 million add-on to its existing 6.625% notes due 2026. - On Dec. 5, 2019, S&P Global Ratings is affirming its 'B' issuer credit rating and revising the outlook to negative from stable, reflecting elevated integration risk given the pace and magnitude of the acquisitions. It also reflects risks to our base case that cash flow (after capital expenditures and dividends, but before share repurchases), as a percentage of debt, will stay within 3%-5% on a sustained basis. - We are affirming the 'B' issue level rating for the $400 million unsecured notes, pro forma for the $75 million proposed add-on. The recovery rating is '4', indicating our expectation for average (30%-50%; rounded estimate: 30%)...
