GEO Group Announces $1.2 Billion Notes Offering

By Tamara Parker • Wednesday, April 03 10:13 • Permanent Link

The GEO Group, a leading government service provider, has announced a proposed senior notes offering. The offering includes $700.0 million in senior secured notes due 2029 and $500.0 million in senior unsecured notes due 2031, totaling $1.2 billion. The company plans to use the gross proceeds, borrowings under a new $400.0 million term loan, and cash on hand to refinance approximately $1.5 billion of existing indebtedness.

The notes will be guaranteed by GEO's domestic subsidiaries and will be offered in the United States to qualified institutional buyers and outside the United States to non-U.S. persons. The offering is exempt from the registration requirements of the Securities Act of 1933.

GEO Group's worldwide operations include the ownership and/or delivery of support services for 100 facilities totaling approximately 81,000 beds, with a workforce of up to approximately 18,000 employees.

Today the company's shares have moved 1.0% to a price of $14.05. For the full picture, make sure to review GEO's 8-K report.

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