GEO Group repays $74.6 million of term debt

By Sara Rosenberg

New York, June 14 - The GEO Group Inc. repaid $74.6 million in term loan debt using about $100 million of the proceeds from a recent follow-on offering of 3 million shares, according to a company news release.

"The successful completion of the follow-on offering of 3 million shares of our common stock along with the repayment of our term loan debt have recapitalized GEO and have strengthened our ability to capitalize on new growth opportunities," said George C. Zoley, chairman of the board and chief executive officer, in the release.

GEO is a Boca Raton, Fla.-based provider of government-outsourced services in the management of correctional, detention and mental health facilities.

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