The GEO Group Announces Commencement of Refinancing Process
01 Abril 2024 - 7:55AM
Business Wire
The GEO Group (NYSE: GEO) (“GEO” or the "Company"),
announced the commencement of a refinancing process for its Tranche
1 and Tranche 2 term loans (collectively, the "Term Loans"). As of
December 31, 2023, an aggregate amount of $906.7 million of Term
Loans was outstanding.
Overall, the Company is targeting $1.6 billion of secured and
unsecured financing and a $310.0 million revolving credit facility
to repay the Term Loans and its revolving credit facility, as well
its outstanding 9.50% and 10.50% senior second lien secured notes
due 2028 and 6.00% senior unsecured notes due 2026, and to use for
general corporate purposes.
The terms of the proposed refinancing transactions will be
disclosed upon completion of the transactions. The proposed
refinancings will be subject to customary closing conditions and
there can be no assurance that any of the refinancings will occur
successfully, or at all.
About The GEO Group
The GEO Group, Inc. (NYSE: GEO) is a leading diversified
government service provider, specializing in design, financing,
development, and support services for secure facilities, processing
centers, and community reentry centers in the United States,
Australia, South Africa, and the United Kingdom. GEO’s diversified
services include enhanced in-custody rehabilitation and
post-release support through the award-winning GEO Continuum of
Care®, secure transportation, electronic monitoring,
community-based programs, and correctional health and mental health
care. GEO’s worldwide operations include the ownership and/or
delivery of support services for 100 facilities totaling
approximately 81,000 beds, including idle facilities and projects
under development, with a workforce of up to approximately 18,000
employees.
Use of forward-looking statements
This press release includes forward-looking statements regarding
GEO's intention to refinance certain of its outstanding
indebtedness and its intended use of the net proceeds. These
forward-looking statements may be affected by risks and
uncertainties in GEO's business and market conditions. This
information is qualified in its entirety by cautionary statements
and risk factor disclosure contained in GEO's Securities and
Exchange Commission filings, including GEO's report on Form 10-K
for the year ended December 31, 2023, and GEO's reports on Form
10-Q and Form 8-K filed with the Commission. GEO wishes to caution
readers that certain important factors may have affected and could
in the future affect GEO's actual results and could cause GEO's
actual results for subsequent periods to differ materially from
those expressed in any forward-looking statement made by or on
behalf of GEO, including the risks that the refinancing cannot be
successfully completed. GEO undertakes no obligation to update
forward-looking statements to reflect events or circumstances after
the date hereof, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240331735400/en/
Pablo E. Paez (866) 301 4436 Executive Vice President, Corporate
Relations
Geo (NYSE:GEO)
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