Corrections Corp. receives consents to amend 9 7/8% notes

New York, March 21 - Corrections Corp. of America said it received the necessary consents to amend its $250 million of 9 7/8% senior notes due 2009.

The company has executed a supplemental indenture which will become operative when it buys the notes.

On March 18 the Nashville, Tenn.-based prison operator announced pricing, saying it will pay $1,110.67 per $1,000 principal amount for notes tender by the consent deadline of 5 p.m. ET on March 21, including a $30.00 consent payment.

The tender expires at 5 p.m. ET on April 4.

Corrections Corp. announced the tender on March 8 and said it is also soliciting consents to amend the note indenture to eliminate certain covenants and events of default.

The payment on offer for the notes was 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 the consent deadline.

The offer is subject to conditions including completion of an offering of debt securities.

Lehman Brothers Inc. is the 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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