GEO Group hopes to refinance and increase revolver this year

By Sara Rosenberg

New York, Aug. 31 - GEO Group expects to refinance and expand its senior revolving credit facility later this year, according to a news release.

The revolver is priced at Libor plus 200 basis points.

In addition, the company said that it plans to use borrowings under the existing revolver to help fund the roughly $40 million acquisition of Just Care Inc, the manager of Columbia Regional Care Center in Columbia, S.C.

Other funds for the acquisition will come from free cash flow.

The acquisition is expected to close in the fourth quarter.

GEO Group is a Boca Raton, Fla.-based provider of correctional, detention, and residential treatment services to federal, state and local government agencies.

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