The GEO Group Announces Closing of Refinancing of Non-Recourse Debt Related to Ravenhall Correctional Centre in Australia

BOCA RATON, Fla.–(BUSINESS WIRE)–The GEO Group (NYSE:GEO) (“GEO”) announced today the closing of
an offering of AUD $461,558,749 aggregate principal amount of
non-recourse senior secured notes due 2042 (the “Notes”). The amortizing
Notes were issued by Ravenhall Finance Co Pty Limited in a private
placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as
amended. The Notes were issued with a coupon and yield to maturity of
4.23% and an expected final maturity date of March 31, 2042. The net
proceeds from this offering were used to refinance the outstanding
non-recourse senior secured debt balance associated with the development
of the Ravenhall Correctional Centre in Australia.

The 1,300-bed Ravenhall Correctional Centre was developed by a GEO led
consortium comprised of GEO’s wholly-owned subsidiary, The GEO Group
Australia Pty. Ltd. (“GEO Australia”), John Holland Construction, and
Honeywell under a contract with the State of Victoria. The $700 million
project was financed under a Public-Private Partnership structure, which
included a capital investment from GEO of approximately $90 million with
returns on investment consistent with GEO’s company-owned facilities.
GEO Australia operates the Centre, which opened in late 2017, under a
25-year contract with the State of Victoria.

Barclays acted as lead placement agent for the offering. This news
release shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of the Notes in any
jurisdiction in which such offer, solicitation or sale would be
unlawful. This offering may be made only by means of a prospectus.

The GEO Group, Inc. (NYSE: GEO) is the first fully integrated equity
real estate investment trust specializing in the design, financing,
development, and operation of correctional, detention, and community
reentry facilities around the globe. GEO is the world’s leading provider
of diversified correctional, detention, community reentry, and
electronic monitoring services to government agencies worldwide with
operations in the United States, Australia, South Africa, and the United
Kingdom. GEO’s worldwide operations include the ownership and/or
management of 135 facilities totaling approximately 96,000 beds,
including projects under development, with a growing workforce of
approximately 23,000 professionals.

This press release contains forward-looking statements regarding
future events and the future performance of GEO that involve risks and
uncertainties that could materially affect actual results. Factors that
could cause actual results to vary from current expectations and
forward-looking statements contained in this press release include, but
are not limited to: (1) GEO’s ability to successfully pursue further
growth and continue to enhance shareholder value; (2) GEO’s ability to
access the capital markets in the future on satisfactory terms or at
all; (3) GEO’s ability to control operating costs associated with
contract start-ups; (4) GEO’s ability to timely open facilities as
planned, profitably manage such facilities and successfully integrate
such facilities into GEO’s operations without substantial costs; (5)
GEO’s ability to win management contracts for which it has submitted
proposals and to retain existing management contracts; (6) GEO’s ability
to obtain future financing on acceptable terms or at all; (7) GEO’s
ability to sustain company-wide occupancy rates at its facilities; and
(8) other factors contained in GEO’s Securities and Exchange Commission
filings, including its Form 10-K, 10-Q and 8-K reports.

Contacts

Pablo E. Paez 1-866-301-4436
Executive Vice President, Corporate
Relations

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