Carriage Services, Inc. announced  the Company entered into the seventh amendment to the Credit Agreement (the "Seventh Amendment) which provides for a change in the revolving credit commitments to $150 million from $200 million and new funding under this term loan facility of $150 million from $125 million. The Credit Agreement will continue to be administered by Bank of America, N.A.

Obligations under the Credit Agreement will mature at the earlier of (a) any date that is 91 days prior to the maturity of any subordinated debt (including the $143,750,000 in principal amount of 2.75% Convertible Subordinated Notes issued in 2014 and due March 15, 2021) or (b) February 9, 2021. Borrowings under the term loan facility of $150 million are subject to amortization payments of $2,812,500 at the end of each fiscal quarter beginning with the fiscal quarter ending March 31, 2016 through the fiscal quarter ending December 31, 2017, $3,750,000 at the end of each fiscal quarter beginning with the fiscal quarter ending March 31, 2018 through the fiscal quarter ending March 31, 2020 and $4,687,500 at the end of each fiscal quarter beginning with the fiscal quarter ending June 30, 2020 through the fiscal quarter ending December 31, 2020. Also, outstanding borrowings bear interest at either a prime rate or a LIBOR rate, plus an applicable margin based upon the Company's senior secured leverage ratio, ranging from 1.625% to 3.125% for LIBOR borrowings and 0.625% to 2.125% for prime rate borrowings. Other important changes in the Seventh Amendment are the lowering of the applicable margin by 37.5 basis points and the improvement of certain financial covenants for the Company.

Carriage Services is a leading provider of funeral and cemetery services and merchandise in the United States. Carriage operates 167 funeral homes in 27 states and 32 cemeteries in 11 states.