GEO Group to repay $200 million of term debt with stock proceeds

By Sara Rosenberg

New York, March 13 - The GEO Group Inc. plans to repay $200 million of its term loan debt using proceeds from an offering of 4.75 million shares of common stock, according to a 424B2 filed with the Securities and Exchange Commission Tuesday.

The stock offering is expected to generate proceeds of about $212 million, or about $244 million if the underwriters exercise their option to purchase additional shares in full.

Remaining proceeds from the offering will be used for general corporate purposes.

GEO is a Boca Raton, Fla.-based provider of government-outsourced services in the management of correctional, detention and mental health facilities.

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