The GEO Group Amends Senior Revolving Credit Facility Extending Maturity to May 2024; Size and Pricing Remain Unchanged
June 13 2019 - 6:55AM
Business Wire
The GEO Group (NYSE: GEO) (“GEO”) announced today the
closing of an extension and amendment to its Senior Revolving
Credit Facility (the “Revolver”). The maturity for the amended
Revolver has been extended to May 17, 2024. The borrowing capacity
under the amended Revolver will remain at $900 million, and its
pricing will remain unchanged currently bearing interest at LIBOR
plus 2.25%.
GEO currently has approximately $492 million in outstanding
borrowings along with approximately $62 million set aside for
letters of credit under the amended Revolver, leaving approximately
$346 million in available borrowing capacity.
George C. Zoley, GEO’s Chairman of the Board, Chief Executive
Officer and Founder, said: “The extension and amendment of our
senior revolving credit facility, with consistent terms and
unchanged pricing, is indicative of our long-standing ability to
access cost-effective capital. Our amended revolver will position
our company to continue to pursue quality growth opportunities. We
remain optimistic about the strong fundamentals and the increasing
demand for our high-quality services across GEO’s diversified
business segments.”
The GEO Group, Inc. (NYSE: GEO) is the first fully integrated
equity real estate investment trust specializing in the design,
financing, development, and operation of correctional, detention,
and community reentry facilities around the globe. GEO is the
world's leading provider of diversified correctional, detention,
community reentry, and electronic monitoring services to government
agencies worldwide with operations in the United States, Australia,
South Africa, and the United Kingdom. GEO's worldwide operations
include the ownership and/or management of 135 facilities totaling
approximately 96,000 beds, including projects under development,
with a growing workforce of approximately 23,000 professionals.
This press release contains forward-looking statements regarding
future events and the future performance of GEO that involve risks
and uncertainties that could materially affect actual results.
Factors that could cause actual results to vary from current
expectations and forward-looking statements contained in this press
release include, but are not limited to: (1) GEO’s ability to
successfully pursue further growth and continue to enhance
shareholder value; (2) GEO’s ability to access the capital markets
in the future on satisfactory terms or at all; (3) GEO’s ability to
control operating costs associated with contract start-ups; (4)
GEO’s ability to timely open facilities as planned, profitably
manage such facilities and successfully integrate such facilities
into GEO’s operations without substantial costs; (5) GEO’s ability
to win management contracts for which it has submitted proposals
and to retain existing management contracts; (6) GEO’s ability to
obtain future financing on acceptable terms or at all; (7) GEO’s
ability to sustain company-wide occupancy rates at its facilities;
and (8) other factors contained in GEO’s Securities and Exchange
Commission filings, including its Form 10-K, 10-Q and 8-K
reports.
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version on businesswire.com: https://www.businesswire.com/news/home/20190613005149/en/
Pablo E. PaezExecutive Vice President, Corporate
Relations1-866-301-4436
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