CoreCivic signs $125 million term loan, $275 million revolver

By Mary-Katherine Stinson

Lexington, Ky., Oct. 12 – CoreCivic Inc. entered into a fourth amended and restated credit agreement for a $400 million credit facility, consisting of a $125 million term loan and a $275 million revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The new credit facilities, dated Oct. 11, replace the company’s existing senior secured credit facilities and have a $25 million sublimit for swingline loans and a $100 million sublimit for the issuance of standby letters of credit.

CoreCivic has an option to increase the availability under the revolving credit facility and to request term loans from the lenders not to exceed the greater of $200 million and 50% of consolidated EBITDA for the most recently ended four-quarter period.

The new credit facilities mature on Oct. 11, 2028.

Interest on borrowings will equal the greater of term SOFR +10 basis points CSA plus an applicable margin. The margin will range from 275 bps to 450 bps, in each case based on the company’s consolidated total leverage ratio. The margin is initially 325 bps.

There is also a commitment fee, which is initially 45 bps and generally ranges from 35 bps to 55 bps, based on the company’s consolidated total leverage ratio.

Alter Domus Products Corp. is the administrative agent.

CoreCivic is a Nashville-based owner of partnership correctional, detention and residential reentry facilities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.