Cornell to start roadshow Monday for $110 million eight-year notes

By Paul A. Harris

St. Louis, June 4 - Cornell Cos. Inc. will start a roadshow Monday for an offering of $110 million of eight-year senior notes (B3/B-), according to market sources.

Pricing is expected during the week of June 14.

JP Morgan will run the books for the Rule 144A offering. Comerica, Piper Jaffray and SunTrust Robinson Humphrey are the co-managers.

The notes will come with four years of call protection and a three-year 35% equity clawback.

Proceeds will be used to repay the company's senior credit facility and synthetic lease and for general corporate purposes, which may include acquisitions.

The issuer is a Houston-based provider of corrections, treatment and educational services outsourced by federal, state and local government agencies.

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