Wackenhut Corrections price talk 81/4-8½%, pricing Tuesday

By Paul A. Harris

St. Louis, June 30 - Price talk of 81/4-8½% emerged Monday on Wackenhut Corrections Corp. $150 million of 10-year non-call-five senior notes (B1 stable/B stable), according to an informed source who added that the deal is expected to price on Tuesday.

BNP Paribas and Lehman Brothers are joint bookrunners on the Rule 144A/Regulation S offering.

Proceeds will be used to help fund the repurchase of 12 million shares of common stock from Group 4 Falck A/S and to refinance the existing credit facility.

The company is a Boca Raton, Fla.-based privatized correctional management services provider.

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