CoreCivic Enters Into Amended and Restated Senior Credit Facility
April 18 2018 - 8:00AM
CoreCivic, Inc. (NYSE:CXW) (the “Company")
announced today that on April 17, 2018, CoreCivic entered into an
Amended and Restated Credit Agreement (the "New Credit Agreement")
in an aggregate principal amount of up to $1.0 billion, replacing
the Company’s existing $900.0 million revolving credit facility and
term loan, which had an outstanding balance of $82.5 million as of
March 31, 2018 (collectively, the "Existing Credit
Facility").
The New Credit Agreement provides for a term loan of $200.0
million and a revolving credit facility in an aggregate principal
amount of up to $800.0 million. The New Credit Agreement,
among other things, extends the maturity of the Existing Credit
Facility from July 2020 to April 2023, and increases the total
leverage covenant of the Existing Credit Facility from 5.0x to
5.5x. The New Credit Agreement also contains an "accordion"
feature that provides for uncommitted incremental extensions of
credit in the form of increases in the revolving commitments or
incremental term loans of up to $350.0 million, as requested by
CoreCivic, and provides additional flexibility by increasing
certain permitted investment, disposition, and borrowing
thresholds. Interest rate margins, unused facility fees, and
commitment fees for letters of credit are unchanged from the
Existing Credit Facility, except for the addition of a new interest
rate margin and fee tier to accommodate the increase in the
covenant for total leverage from 5.0x to 5.5x. All other
terms remain substantially the same.
About CoreCivic
The Company is a diversified government solutions company with
the scale and experience needed to solve tough government
challenges in flexible, cost-effective ways. We provide a broad
range of solutions to government partners that serve the public
good through corrections and detention management, government real
estate solutions, and a growing network of residential reentry
centers to help address America’s recidivism crisis. We are a
publicly traded real estate investment trust (REIT) and the
nation’s largest owner of partnership correctional, detention and
residential reentry facilities. We also believe we are the largest
private owner of real estate used by government agencies. The
Company has been a flexible and dependable partner for government
for more than 30 years. Our employees are driven by a deep sense of
service, high standards of professionalism, and a responsibility to
help government better the public good. Learn more at
http://www.corecivic.com/.
Contact: |
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Investors: Cameron
Hopewell - Managing Director, Investor Relations - (615)
263-3024Media: Steve Owen - Managing Director, Communications -
(615) 263-3107 |
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