Geo Group prices $300 million Libor plus 250 bps term loan at par

By Paul A. Harris

Portland, Ore., April 2 - GEO Group Inc. priced its $300 million Libor plus 250 basis points term loan B (Ba3/BB) at par, a market source said on Tuesday.

The deal broke to par ¾ bid.

As reported, pricing was reduced to Libor plus 250 bps from 300 bps, and the Libor floor was trimmed to 0.75% from 1%.

The reoffer price was tightened to par from 991/2.

The loan has 101 soft call protection for six months.

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. was the lead bank.

Proceeds will be used to refinance existing debt.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.