Cornell gets $100 million credit facility

By Sara Rosenberg

New York, Oct. 11 - Cornell Cos. Inc. closed on $100 million amended senior secured credit facility due Dec. 31, 2011, according to a company news release.

JPMorgan acted as the lead arranger on the deal, with Bank of America as syndication agent.

There is a $50 million accordion feature.

The facility replaces the company's existing $60 million senior credit facility, which had a maturity of June 24, 2008.

Borrowings are available for general corporate purposes.

"As we have previously announced, we have a full slate of projects that is expected to drive additional growth into 2009 and beyond. With the recent completion of this phase of our financing activities, we believe we have the resources in place that provide us the flexibility to capitalize on these attractive opportunities. Additionally, Cornell has demonstrated ongoing access to capital markets and has continued to improve visibility with new investors," said James E. Hyman, chairman, chief executive officer and president, in the release.

Cornell is a Houston-based provider of corrections, treatment and educational services outsourced by federal, state and local governmental agencies.

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