The Geo Group, Inc. has announced an exchange offer for its registered notes, which have been registered under the Securities Act of 1933, for any and all outstanding restricted notes. The exchange offer consists of $650,000,000 8.625% senior secured notes due 2029 and $625,000,000 10.250% senior notes due 2031.
The exchange offer will expire at 5:00 p.m., New York City time, on July 16, 2024, unless extended by The Geo Group, Inc. in its sole discretion. Tenders of original notes may be withdrawn at any time prior to the expiration date.
The company reserves the right to extend the period of time during which the exchange offer is open, at its discretion. The terms and conditions of the exchange offer are set forth in the prospectus dated June 14, 2024.
Holders who wish to accept the exchange offer and tender their original notes must complete the letter of transmittal in its entirety. The instructions accompanying the letter of transmittal should be read carefully before completion.
The exchange offer is subject to certain conditions as set forth in the prospectus, and the company may not be required to exchange any of the original notes tendered. By tendering original notes, each holder represents to the company certain conditions, including acquiring the exchange notes in the ordinary course of business and not being engaged in the distribution of the exchange notes.
The exchange offer is based on the company's understanding of an interpretation by the staff of the Securities and Exchange Commission, which allows the exchange notes to be offered for resale, resold, and transferred by each holder without compliance with the registration and prospectus delivery provisions of the Securities Act.
The company has provided detailed instructions for tendering original notes, including physical delivery and book-entry transfer options, as well as guaranteed delivery procedures.
As a business and finance journalist, I will continue to monitor the developments of this exchange offer and provide updates on the acceptance and exchange of original notes for the registered notes offered by The Geo Group, Inc. Today the company's shares have moved 1.0% to a price of $13.39. For the full picture, make sure to review GEO's 8-K report.
