GEO Group begins tender offer for $150 million 8¼% notes due 2013

By Angela McDaniels

Tacoma, Wash., Oct. 5 - GEO Group, Inc. has begun a tender offer for any and all of its $150 million principal amount of 8¼% senior notes due 2013, according to a company news release.

The offer will expire at 11:59 p.m. ET on Nov. 2.

The purchase price is $1,030 for each $1,000 principal amount of notes. This includes an early tender payment of $30 per $1,000 principal amount of notes tendered by 5 p.m. ET on Oct. 19, the early tender date.

Holders will also receive accrued interest up to but excluding the payment date, which is expected to be Oct. 20 for notes tendered by the early tender date and shortly after the offer expiration for notes tendered after that time.

GEO plans to finance the offer with the proceeds of a new notes offering. The closing of the tender offer will be conditioned, among other things, on GEO's successful completion of this offering.

There is no minimum condition to the offer.

Bank of America Merrill Lynch (888 292-0070 or 980 388-9217), SunTrust Robinson Humphrey Inc., Wells Fargo Securities, BNP Paribas Securities Corp. and Barclays Capital Inc. are the dealer managers.

Global Bondholder Services Corp. (866 795-2200 or 212 430-3774) is the information agent.

Boca Raton, Fla.-based GEO provides correctional, detention and residential treatment services to government agencies.

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