GEO Group exchanges $177M of 6.50% Exchangeable Senior Notes for $305M cash and stock

GEO GROUP INC

Entered private exchange agreements to exchange $177M principal of 6.50% Exchangeable Senior Notes due 2026 for estimated $305M cash and stock.
Notes exchanged represent 77% of outstanding principal; $53M remains outstanding after exchange.
Cash portion of $177M to be funded by net proceeds from previously announced senior secured and unsecured notes offerings.
Final number of shares to be determined by VWAP over 20 trading days starting April 5, 2024.
Shares issued will be unregistered under Section 4(a)(2) of the Securities Act.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

GEO GROUP INC entered into Exchange Agreement with certain holders of GEO Corrections Holdings, Inc.’s 6.50% Exchangeable Senior Notes due 2026 valued at $177 million in aggregate principal amount of the outstanding 6.50% Exchangeable Senior Notes for a (effective 2024-04-04).

Action: entry
Agreement: notes offering
Counterparty: certain holders of GEO Corrections Holdings, Inc.’s 6.50% Exchangeable Senior Notes due 2026
Value: $177 million in aggregate principal amount of the outstanding 6.50% Exchangeable Senior Notes for a
Effective: 2024-04-04

Exact text from the filing

On April 4, 2024, The GEO Group, Inc. (“GEO” or the “Company”) entered into private exchange agreements (the “Exchange Agreements” and each, an “Exchange Agreement”) with certain holders (the “Noteholders”) of GEO Corrections Holdings, Inc.’s 6.50% Exchangeable Senior Notes due 2026 (the “6.50% Exchangeable Senior Notes”).

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GEO GROUP INC filing history →

Source: SEC EDGAR

accession 0001193125-24-087934

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