Corrections Corp. to pay down revolver with stock offering proceeds

By Marisa Wong

Morgantown, W.Va., Feb. 29 – Corrections Corp. of America intends to repay borrowings under its $900 million revolving credit facility, including any term loan under the facility’s accordion feature, using proceeds from a stock sale, according to an 8-K filing with the Securities and Exchange Commission.

The company intends to raise up to $200 million through at-the-market offerings of common stock.

Proceeds from the stock offerings will also be used for general corporate purposes, including future acquisitions and development projects.

The owner and operator of privatized correctional and detention facilities is based in Nashville.

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