CoreCivic closes on $250M term loan

Dec. 19, 2019 8:13 AM ETCoreCivic, Inc. (CXW)CXWBy: Liz Kiesche, SA News Editor15 Comments
  • CoreCivic (NYSE:CXW) enters a new $250M senior secured term loan B that bears interest at a rate of LIBOR + 4.50%, with a 1.00% LIBOR floor, and has a five-year maturity.
  • Intends to use substantially all of the net proceeds to fund a portion of the previously announced redemption of the company’s $325.0M of 4.125% senior notes due 2020, on Jan. 1, 2020.
  • Term loan will be secured by a first lien on certain specified real property assets of the company, representing a loan-to-value of no greater than 80%.
  • CoreCivic can generally prepay the term loan at any time without premium or penalty.

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