Barrington Research has acted as Co-Manager in the private placement of $143,750,000 of Convertible Subordinated Notes for Carriage Services, Inc. (CSV-NYSE).

Common Stock Public Offering Co-Manager 

March 2014

CHICAGO, March 20, 2014 — Barrington Research Associates, Inc. (, a nationally recognized investment services firm, has acted as Co-Manager in the private placement of $143,750,000 of Convertible Subordinated Notes for Carriage Services, Inc. (CSV-NYSE).

The offering consisted of $125,000,000 in aggregate principal amount of 2.75% convertible subordinated notes due 2021. In addition, the transaction included an overallotment option up to an additional $18,750,000 in principal amount of the Convertible Notes, which were exercised in full. The Convertible Notes were issued at an initial conversion rate of 44.3169 shares of the common stock per $1,000 principal amount of the Convertible Notes (which is equal to an initial conversion price of approximately $22.56 per share of the common stock). The transaction was priced on March 13, 2014 and closed on March 19, 2014.

BofA Merrill Lynch acted as sole book-running manager in the offering, and Raymond James acted as Joint Lead Manager. Co-Manager’s included Barrington Research Associates and Regions Securities LLC.
The Convertible Notes were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). This press release is neither an offer to sell nor a solicitation of an offer to buy the Convertible Notes or the shares of common stock issuable upon conversion of the Convertible Notes, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. The Convertible Notes and the common stock issuable upon conversion of the Convertible Notes have not been registered and will not be registered under the Securities Act, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Any offer of the Convertible Notes will be made only by means of a confidential offering memorandum.

About Carriage Services, Inc.

Carriage Services, Inc. provides professional funeral and cemetery services and products in the United States. It operates through two segments: Funeral Home Operations and Cemetery Operations. The Funeral Home Operations segment offers a complete suite of services to meet families’ funeral needs, including consultation, removal and preparation of remains, sale of caskets and related funeral merchandise, use of funeral homes for visitation and religious services and transportation services. The Cemetery Operations segment provides services, such as mausoleum crypts, private estates, lawn crypt gardens, traditional single burial grave sites and burial vaults. The company was founded by Melvin C. Payne in 1991 and is headquartered in Houston, TX.