GEO GROUP INC (GEO): debt financing — GEO closes $1.275B senior notes offering and new $760M credit facility

GEO GROUP INC

$650M of 8.625% senior secured notes due 2029; $625M of 10.25% unsecured notes due 2031.
New $310M revolver (incl. $175M LC subfacility) and $450M term loan, both maturing April 2029.
Proceeds to refinance ~$1.5B of existing debt, including prior term loans and second-lien notes.
Plans to retire up to $177.1M of 6.50% exchangeable notes via stock and cash.
Entered into a first-lien senior secured credit facility with $760M total commitments.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

GEO GROUP INC incurred senior notes of $650.0 million with qualified institutional buyers and non-U.S. persons at 8.625% per year maturing April 15, 2029.

Instrument: senior notes
Principal: $650.0 million
Counterparty: qualified institutional buyers and non-U.S. persons
Rate: 8.625% per year
Maturity: April 15, 2029
Event: incurrence

Exact text from the filing

$650.0 million aggregate principal amount of 8.625% senior secured notes due 2029

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

GEO GROUP INC entered into 2031 Indenture with Ankura Trust Company, LLC valued at $625.0 million aggregate principal amount of 10.25% senior notes due 2031 (effective 2024-04-18).

Action: entry
Agreement: notes offering
Counterparty: Ankura Trust Company, LLC
Value: $625.0 million aggregate principal amount of 10.25% senior notes due 2031
Effective: 2024-04-18

Exact text from the filing

$625.0 million aggregate principal amount of 10.25% senior notes due 2031 (the “Unsecured Notes” and, together with the Secured Notes, the “Notes”), issued under the Indenture, dated as of April 18, 2024 (the “2031 Indenture” and, together with the 2029 Indenture, the “Indentures”), among GEO, the Guarantors and Ankura Trust Company, LLC as Trustee

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

GEO GROUP INC entered into 2029 Indenture with Ankura Trust Company, LLC valued at $650.0 million aggregate principal amount of 8.625% senior secured notes due 2029 (effective 2024-04-18).

Action: entry
Agreement: notes offering
Counterparty: Ankura Trust Company, LLC
Value: $650.0 million aggregate principal amount of 8.625% senior secured notes due 2029
Effective: 2024-04-18

Exact text from the filing

On April 18, 2024, The GEO Group, Inc. (“GEO” or the “Company”) announced the closing of its previously announced private offering of $1.275 billion aggregate principal amount of senior notes (the “Senior Notes Offering”), comprised of $650.0 million aggregate principal amount of 8.625% senior secured notes due 2029 (the “Secured Notes”), issued under the Indenture, dated as of April 18, 2024 (the “2029 Indenture”), among GEO, the Guarantors (defined below) and Ankura Trust Company, LLC, as trustee and collateral agent

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316 debt financings filed in the last 30 days. Browse all debt financings →

GEO GROUP INC filing history →

Source: SEC EDGAR

accession 0001193125-24-110253

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