Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers G > Headlines for GEO Group, Inc. > News item |
GEO Group changes $400 million term loan B OID to 99
By Sara Rosenberg
New York, April 4 – GEO Group Inc. revised the original issue discount on its $400 million five-year term loan B (B1/BB) to 99 from talk in the range of 98 to 98.5, according to a market source.
Pricing on the term loan B remained at SOFR plus 525 basis points with a 0.75% floor.
The term loan still has hard call protection of 102 in year one and 101 in year two and a total net leverage ratio covenant.
Citizens Bank is the lead arranger and administrative agent on the deal.
Recommitments were scheduled to be due at noon ET on Thursday, the source added.
The company also plans on getting a $310 million revolving credit facility.
Proceeds will be used with secured and unsecured bonds and cash on hand to refinance the company’s roughly $906.7 million of tranche 1 and tranche 2 exchange term loans, existing revolver, 10˝% second-lien notes due 2028, 9˝% second-lien notes due 2028 and 6% senior notes due 2026, including the payment of all premiums, accrued interest and expenses in connection with the transaction.
GEO is a Boca Raton, Fla.-based diversified government service provider, specializing in design, financing, development and support services for secure facilities, processing centers and community reentry centers.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.