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Prospect News home > News index > List of issuers G > Headlines for GEO Group, Inc. > News item |
Moody's gives GEO Group notes B1
Moody's Investors Service said it assigned a B1 rating to the proposed senior unsecured debt issuance of about $250 million while it affirmed the GEO Group's corporate family rating at Ba3, senior secured rating at Ba3 and senior unsecured rating at B1.
The outlook is positive.
The new notes will mature on Oct 15, 2017, and will rank pari passu with any other unsecured debt and will be guaranteed by all of the company's restricted subsidiaries that guarantee the credit facility, the agency said.
Moody's added that proceeds from this offering will be used to fund the repurchase of all of GEO's existing 8 ¼% senior unsecured notes due 2013, for which GEO is conducting a cash tender offer, and to pay down a portion of indebtedness outstanding under the company's senior credit facility and for general corporate purposes.
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