Corrections Corp. of America to prepay $100 million term loan debt with note sale proceeds

By Caroline Salls

Pittsburgh, March 8 - Corrections Corp. of America said it will prepay about $100 million of its existing term loans using proceeds from the sale of $375 million of senior notes due 2013.

The company also plans to use proceeds to buy back any and all of its $250 million 9 7/8% senior notes due 2009 that are tendered in a tender offer.

Corrections Corp. of America is a Nashville, Tenn.-based operator of private detention and corrections facilities under contract with state and municipal government agencies.

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