GEO - GEO Group's subsidiary raises $200M through exchangeable senior notes due 2026
The GEO Group (GEO) has priced private offering of $200M of 6.50% exchangeable senior unsecured notes due 23, 2026 by its wholly-owned subsidiary, GEO Corrections Holdings.Initial purchasers granted an additional $30M of the notes.Offering is expected to close on February 24.Net proceeds to be Interest will be payable semiannually in arrears on March 1 and September 1 of each year, beginning on September 1, 2021. The Company and GEOCH intend to use the estimated net proceeds of ~$192M (or ~$221.1M if the initial purchasers exercise their option in full) for repurchase, redemption or other discharge of GEO’s existing 5.875% senior notes due 2022, to pay related transaction fees and expenses and for general corporate purposes.Shares up 2% premarket.
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GEO Group's subsidiary raises $200M through exchangeable senior notes due 2026