GEO Group telegraphs new secured, unsecured notes in refinancing package

By Abigail W. Adams

Portland, Me., April 1 – GEO Group, Inc. and GEO Corrections Holdings Inc. telegraphed an intention to sell new secured and unsecured debt to refinance term loans and outstanding senior notes, according to a market source.

The planned capital raise was announced as GEO Group launched a $400 million term loan B facility.

Citizens Bank is arranging the term loan.

Proceeds from the term loan, the planned senior notes offering, and cash on hand will be used to refinance the company’s tranche 1 and tranche 2 exchange term loans, the 10˝% senior secured second-lien notes due 2028, the 9˝% senior secured second-lien notes due 2028 and the 6% senior notes due 2026.

GEO Group is a Boca Raton, Fla.-based correctional facilities-focused real estate investment trust.

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