GEO Group refinances Ravenhall with $318M notes offering

|About: The GEO Group, Inc. (GEO)|By:, SA News Editor

GEO Group (NYSE:GEO) closes an offering of A$461.6M (US$317.8M) amount of non-recourse senior secured notes due 2042 to refinance debt related to Ravenhall Correctional Centre in Australia.

The notes were issued by Ravenhall Finance in a private placement, have a coupon and yield to maturity of 4.23%, and an expected final maturity date of March 31, 2042.

Net proceeds were used to refinance the outstanding non-recourse senior secured debt balance associated with the development of the Ravenhall Correctional Centre in Australia.

The 1,300-bed Ravenhall facility was developed by a GEO-led group comprised of GEO Group Australia, John Holland Construction, and Honeywell (NYSE:HON) under a contract with the state of Victoria.

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