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S&P affirms GEO Group
Standard & Poor's said it affirmed the corporate credit rating on GEO Group at B+ and its amended $1 billion bank credit facility at BB.
The agency affirmed the company's $250 million senior notes due August 2017 at B+ and assigned a B+ rating to its proposed $250 million of senior notes due February 2021. The recovery rating is 4, indicating expectation of 30% to 50% recovery.
The outlook is stable.
Proceeds will be used to help fund the acquisition of BI, Inc.
The amended bank credit facility increases the revolving credit facility due in August 2015 to $500 million from $400 million.
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