GEO Group amends credit facility for $1.19 billion in two tranches

By Wendy Van Sickle

Columbus, Ohio, May 19 – GEO Group, Inc. amended its now $1.19 billion senior credit facility, according to a Thursday press release.

Following the amendment, the credit facility is comprised of a $291 million term loan B due April 2020 and a $900 million revolving credit facility due May 2021.

The term loan B bears interest at Libor plus 250 basis points with a 0.75% Libor floor, and the revolver bears interest at Libor plus 225 bps.

The amended credit facility has a $450 million accordion feature.

As of Thursday, about $470 million of borrowings were outstanding and about $54 million of letters of credit were issued under and the revolver.

GEO is a Boca Raton, Fla.-based real estate investment trust.

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