Corrections launches tender offer to purchase any and all 7½% senior notes due 2011

By Jennifer Chiou

New York, May 20 - Corrections Corp. of America said it began a cash tender offer for any and all of its $450 million of 7½% senior notes due 2011.

The company is also soliciting consents to amend the note indenture.

The offer ends at 11:59 p.m. ET on June 16.

Those who tender by the consent date of 5 p.m. ET on June 2 will receive $1,001.25 per $1,000 principal amount of notes, including the consent payment of $1.25.

Corrections will also pay accrued interest.

The offer is conditioned on the receipt of the requisite consents as well as financing, which is slated to come from an offering of $300 million of unsecured subordinated senior notes due 2017.

J.P. Morgan Securities Inc. is the dealer manager (call collect 212 270-1477). D.F. King & Co., Inc. is the information agent (800 549-6746). U.S. Bank NA is the depositary.

Corrections Corp. of America is a Nashville-based owner and operator of privatized correctional and detention facilities and a prison operator.

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