The GEO Group has announced plans to issue senior notes worth an aggregate principal amount of $1.2 billion. This offering includes $700 million worth of senior secured notes maturing in 2029, coupled with $500 million of senior unsecured notes due in 2031. All notes will be backed by guarantees from GEO's domestic subsidiaries as part of a private engagement.
The proceeds from this transaction, in conjunction with a purported $400 million Term Loan B under the group's new senior secured credit facility and existing liquidity, will be used to refinance roughly $1.5 billion of incumbent debt. The remainder will be allocated for general business activities.
