GEO prepays $43 million of term loan B debt

By Sara Rosenberg

New York, June 25 - The GEO Group Inc. repaid $43 million of term loan B debt using a portion of the proceeds from the sale of its 50% interest in Premier Custodial Group Ltd., GEO's former joint venture in the United Kingdom.

The senior secured credit facility now has about $53 million outstanding, leaving the company with about $83 million of cash-on-hand, according to a company news release.

"This reduction in term loan B debt strengthens our ability to access the senior debt markets in the future, which along with our cash-on-hand will enable us to finance the growth of our company," chairman and chief executive officer George C. Zoley said in the release. "We will continue to explore accretive acquisition opportunities domestically and internationally in our core businesses involving correctional and mental health services. Further, we are evaluating opportunities for expansion of select facilities where occupancy exceeds 100%."

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

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