CoreCivic to repay revolver borrowings with proceeds from new notes

By Sarah Lizee

Olympia, Wash., Oct. 11 – CoreCivic, Inc. plans to repay some of the borrowings under the revolving portion of its credit facility using proceeds from a $250 million offering of 10-year senior notes, according to a 424B5 filing with the Securities and Exchange Commission.

Net proceeds from the sale will be about $246.3 million after deducting the underwriting discounts and expenses.

As of June 30, there was roughly $411 million outstanding under the revolver.

The facility matures in July 2020, and the weighted average interest rate was 2.6% per annum as of June 30 and 2.2% per annum as of Dec. 31, 2016.

Proceeds may also be used for working capital and general corporate purposes, which may include investments.

CoreCivic is a Nashville-based operator of privatized correctional and detention facilities.

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