GEO Group eyes new term loan for Community Education Centers purchase

By Sara Rosenberg

New York, Feb. 22 – The GEO Group Inc. has received a commitment for a new term loan to help fund its acquisition of Community Education Centers for $360 million in an all-cash transaction, excluding transaction related expenses, according to a news release.

BNP Paribas Securities Corp. is the lead on the deal.

Other funds for the transaction will come from borrowings under the company’s existing revolving credit facility.

Closing is expected in the second quarter, subject to customary conditions.

GEO is a Boca Raton, Fla.-based real estate investment trust specializing in the design, financing, development, and operation of correctional, detention and community reentry facilities. Community Education Centers is a West Caldwell, N.J.-based provider of rehabilitative services for offenders in reentry and in-prison treatment facilities as well as management services for correctional and detention facilities.

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