Corrections Corp. extends early tender deadline for 6¼% notes due 2013

By Angela McDaniels

Tacoma, Wash., Dec. 19 - Corrections Corp. of America extended the early tender deadline for the cash tender offer for up to $150 million of its $375 million outstanding principal amount of 6¼% senior notes due 2013, according to a company news release.

The early tender deadline is now the same as the offer expiration, 11:59 p.m. ET on Jan. 5. It was originally scheduled for 5 p.m. ET on Dec. 16.

The company will pay $1,002.50 for each $1,000 principal amount of notes tendered. This includes an early tender payment of $25.00.

If the offer is oversubscribed, notes will be purchased on a prorated basis.

The offer began Dec. 5 and is conditioned on the company or one of its affiliates entering into a new revolving credit facility for up to $750 million. Available cash and proceeds from the proposed facility will be used to fund the offer.

The company said it also plans to use the proceeds from the facility to refinance debt under its existing facility and for general corporate purposes.

Wells Fargo Securities (866 309-6316 or 704 715-8341) is the dealer manager. D.F. King & Co., Inc. (800 488-8095 or 212 269-5550) is the information agent.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.