The Geo Group (NYSE: GEO) has announced an extension of its exchange offer, providing an opportunity for investors to exchange their unregistered senior secured and senior notes for registered exchange notes. The exchange offer, originally set to expire on July 16, 2024, has been extended to July 23, 2024.
As of the previous expiration date, the aggregate principal amount of the original notes tendered and not withdrawn was significant. For the 8.625% senior secured notes due 2029, $649.567 million out of the $650 million outstanding was tendered, representing approximately 99.93% of the notes. Similarly, for the 10.250% senior notes due 2031, $624.032 million out of the $625 million outstanding was tendered, representing approximately 99.85% of the notes.
These figures indicate a high level of participation in the exchange offer, with the vast majority of the original notes being tendered for exchange.
The extension of the exchange offer is aimed at providing additional time for the remaining outstanding original notes to be tendered for exchange. The company has emphasized that the exchange offer is not conditioned upon any minimum amount of original notes being tendered, and it may waive certain conditions, extend, terminate, or amend the offer at its discretion.
The Geo Group, Inc. is a prominent diversified government service provider, offering a range of services for secure facilities, processing centers, and community reentry centers in multiple countries. As of now, the company's worldwide operations include ownership and support services for approximately 81,000 beds across 100 facilities, with a workforce of up to around 18,000 employees. As a result of these announcements, the company's shares have moved 3.0% on the market, and are now trading at a price of $17.96. If you want to know more, read the company's complete 8-K report here.
