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Corrections Corp. tenders for 9 7/8% notes
New York, March 8 - Corrections Corp. of America said it has begun a tender offer for its $250 million of 9 7/8% senior notes due 2009.
The Nashville, Tenn.-based prison operator is also soliciting consents to amend the note indenture to eliminate certain covenants and events of default.
The payment on offer for the notes will be fixed at 2 p.m. ET on March 18 using the first call date of the notes and a spread of 50 basis points over the 2.25% Treasury note due April 30, 2006.
Included in the total is a $30 per $1,000 consent payment that will only be paid to holders who tender and deliver consents by 5 p.m. ET on March 21.
The tender expires on April 4.
The offer is subject to conditions including completion of an offering of debt securities.
Lehman Brothers Inc. is dealer manager and solicitation agent (call collect 212 528-7581 or 800 438-3242). D.F. King & Co., Inc. is the information agent and tender agent (call collect 212 269-5550 or 800 659-5550).
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