Corrections Corp. redeems remaining 8% preferreds, will redeem 12% shares

New York, May 5 - Corrections Corp. of America (B3) said that it had redeemed the remaining 300,000 shares of its outstanding 8% series A cumulative preferred stock during the 2004 first quarter ended March 31.

Corrections Corp., a Nashville, Tenn.-based owner and operator of privatized correctional and detention facilities operated under contract with government agencies, said in its first-quarter earnings announcement that the series A preferred shares had been redeemed on March 24 at the stated value of $25 per share plus accrued dividends, using cash the company had on hand.

The company also announced plans to redeem the remaining 962,000 shares of its outstanding 12% series B cumulative preferred stock during the second quarter that ends on June 30. The shares will be redeemed at the stated value of $24.46 per share plus accrued dividends, again using cash on hand.

Following the redemption of the series B shares, Corrections Corp. will have extinguished all of its preferred stock issuances.

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