GEO Group calls remaining $125.73 million 5 1/8% notes due 2023

By Marisa Wong

Los Angeles, Sept. 7 – GEO Group, Inc. delivered a notice of redemption for all of the remaining $125,734,000 outstanding principal amount of its 5 1/8% senior notes due April 1, 2023 (Cusip: 36159RAG8), according to a press release.

The notes will be redeemed on Oct. 6 at par plus accrued interest to but excluding the redemption date.

GEO’s executive chairman George C. Zoley said in the press release, “The redemption of our remaining 2023 senior notes is another important step towards addressing our near-term debt maturities. Along with our recently completed transactions to stagger our debt maturities over a longer period of time, we have now been able to reduce our outstanding debt due prior to 2026 to approximately $170 million.

“We remain focused on our goal of reducing net recourse debt by $200-250 million annually and decreasing our net leverage to below 3.5 times adjusted EBITDA by the end of 2023 and to below 3 times adjusted EBITDA by the end of 2024.”

The GEO Group is a Boca Raton, Fla.-based correctional facilities-focused real estate investment trust.

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