GEO Group completes amended $175 million facility at Libor plus 200 bps

New York, Sept. 15 - GEO Group, Inc. said it completed an amendment to its senior secured credit facility consisting of a $75 million six-year term loan at Libor plus 200 basis points and a $100 million five-year revolver, also at Libor plus 200 basis points.

GEO will use borrowings for general corporate purposes and to fund its proposed acquisition of Correctional Services Corp. for $62 million plus costs. The acquisition is expected to close in the beginning of the fourth quarter.

BNP Paribas underwrote the facility.

GEO is a Boca Raton, Fla., provider of correctional and detention management, health and mental health, and other diversified services to federal, state, and local government agencies.

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