BOCA RATON, Fla.–(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.
Contacts
Pablo E. Paez
Executive Vice President, Corporate Relations
1-866-301-4436
