GEO Group shops $792 million term loan B at Libor plus 200 bps

By Sara Rosenberg

New York, April 12 – GEO Group Inc. is out to lenders with a $792 million term loan B due March 2024 that is talked at Libor plus 200 basis points with a 0.75% floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Financial covenants include maximum total leverage, maximum senior secured leverage and minimum interest coverage ratios.

BNP Paribas Securities Corp. is the lead on the deal that launched with a call on Wednesday.

Proceeds will be used to reprice an existing term loan B down from Libor plus 225 bps with a 0.75% Libor floor.

Commitments are due on April 24, the source added.

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.

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