Wackenhut Corrections announces $150 million notes offering

By Paul A. Harris

St. Louis, June 12 - Wackenhut Corrections Corp. announced an offering of $150 million senior unsecured notes Thursday.

No timing, maturity or syndicate names were disclosed in the press release revealing the plans. The deal will be sold under Rule 144A and Regulation S.

The company had announced earlier that is has committed financing from BNP Paribas that will involve a restructuring of the existing senior credit facility, which is expected to close by the end of June 2003.

Proceeds from the notes offering will be used, together with the approximately $100 million amended senior credit facility, and approximately $16 million of cash on hand, to repurchase 12 million shares of common stock from Group 4 Falck A/S, its 57% shareholder, and to refinance the existing senior secured credit facility

The Palm Beach Gardens, Fla.-based company is a privatized correctional management and medical and mental health rehabilitation services provider.

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