Wackenhut Corrections $150 million credit facility to launch early June

By Sara Rosenberg

New York, May 9 - Wackenhut Corrections Corp. is expected to launch a $150 million credit facility in early June, according to market sources. BNP Paribas is the lead bank on the deal.

The loan consists of a $100 million term loan and a $50 million revolver, sources added.

Proceeds, combined with a $150 million bond sale, will be used to repurchase the 12 million shares of its common stock held by Group 4 Falck A/S, the company's 57% majority shareholder, for $132 million in cash.

The transaction is expected to close by the end of June.

Wackenhut is a Palm Beach Gardens, Fla. developer and manager of privatized correctional and detention facilities.

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