GEO Group restates revolver for $265 million, entirety due 2027

By Wendy Van Sickle

Columbus, Ohio, Dec. 14 – GEO Group refinanced its revolving credit facility with $265 million in commitments maturing on March 23, 2027, according to a news release.

Prior to the amendment, a portion of the company's revolving credit commitments matured on May 17, 2024, and the balance of the company's revolving credit commitments matured on March 23, 2027.

Interest will accrue at SOFR plus a margin that is currently 300 basis points and can vary depending on GEO’s total leverage ratio. However, no borrowings are currently drawn on the facility.

Other terms are consistent with those of the existing commitments being refinanced.

“We are pleased with this recent refinancing transaction and the support for our company’s future capital needs. This is an important step to continue achieving our long-term strategy to reduce debt and refinance our credit arrangements,” George C. Zoley, executive chairman of GEO, said in the release.

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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