GEO Group launches $1 billion credit facility for refinancing

By Sara Rosenberg

New York, March 6 - GEO Group Inc. held a bank meeting on Wednesday to launch a $1 billion credit facility, according to a market source.

BNP Paribas Securities Corp. is the left lead on the deal.

The facility consists of a $700 million revolver and a $300 million term loan B, the source said.

Price talk on the B loan is Libor plus 300 basis points with a 1% Libor floor and an original issue discount of 991/2, the source added.

Proceeds will be used to refinance existing debt.

GEO Group is a Boca Raton, Fla.-based provider of correctional, detention and community reentry services.

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