- The GEO Group (NYSE:GEO) Friday announced that it has entered into private exchange agreements with certain holders of GEO Corrections Holdings’s 6.50% Exchangeable Senior Notes due 2026.
- The Noteholders have agreed to exchange $177 million in aggregate principal amount of the outstanding 6.50% Exchangeable Senior Notes for a current estimated valuation of $305 million.
- The consideration will consist of cash and shares of GEO’s common stock issued at closing.
- GEO expects to fund the cash portion of the exchanges, which totals $177 million, with the net proceeds from its previously announced offering of senior secured notes due 2029 and senior unsecured notes due 2031 or, if necessary, cash on hand.
- The 6.50% Exchangeable Senior Notes to be exchanged represent approximately 77% of the outstanding principal amount, with $53 million in aggregate principal amount remaining outstanding following the exchange.
- Source: Press Release
GEO Group enters private exchange agreements with certain note holders (NYSE:GEO)
By Press Room
