GEO Group cuts spread on $300 million term B to Libor plus 250 bps

By Sara Rosenberg

New York, March 21 - GEO Group Inc. reduced pricing on its $300 million term loan B to Libor plus 250 basis points from Libor plus 300 bps, according to a market source.

Also, the Libor floor was trimmed to 0.75% from 1%, and the offer price was tightened to par from 991/2, the source said.

The loan still has 101 soft call protection for six months.

Recommitments are due at 10 a.m. ET on Friday, the source added.

In addition to the term loan B, the company's $1 billion credit facility (Ba3/BB) provides for a $700 million revolver.

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

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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