GEO Group

The GEO Group Announces Funding Extension for Adelanto ICE Processing Center Contract

Retrieved on: 
월요일, 5월 20, 2024
Commercial Building & Real Estate, Legal, Construction & Property, Immigration, REIT, Law Enforcement, Emergency Services, Professional Services, Public Policy, Government, Residential Building & Real Estate, Public Safety, ICE, COVID-19, Adelanto, California, Union, GEO, GEO Group, Intervention, District court, Order

The GEO Group (NYSE: GEO) (“GEO”) announced today that U.S. Immigration and Customs Enforcement (“ICE”) announced that it plans to issue a task order for the GEO-owned 1,940-bed Adelanto ICE Processing Center in California (the “Adelanto Center”), which provides for continued funding through September 30, 2024.

Key Points: 
  • The GEO Group (NYSE: GEO) (“GEO”) announced today that U.S. Immigration and Customs Enforcement (“ICE”) announced that it plans to issue a task order for the GEO-owned 1,940-bed Adelanto ICE Processing Center in California (the “Adelanto Center”), which provides for continued funding through September 30, 2024.
  • GEO was joined in its filings by three unions (collectively the “Unions”) representing over 350 employees at the Adelanto Center.
  • ICE and GEO entered into a 15-year contract on December 19, 2019, for the provision of secure residential housing and care at the Adelanto Center, consisting of a 5-year base period, ending on December 19, 2024, followed by two 5-year option periods.
  • The Adelanto Center contract generates approximately $85 million in annualized revenues for GEO.

The GEO Group Reports First Quarter 2024 Results

Retrieved on: 
화요일, 5월 7, 2024
Public Policy, Government, Law Enforcement, Emergency Services, Public Safety, Immigration, Commercial Building & Real Estate, Construction & Property, REIT, GEO, International, GTI, CSI Aviation, News, ICE, Webcast, Aviation, Federation, Tranche, GEO Group, Term loan, Rehabilitation, Report, Video game

The GEO Group, Inc. (NYSE: GEO) (“GEO”), a leading provider of support services for secure facilities, processing centers, and reentry centers, as well as enhanced in-custody rehabilitation, post-release support, and electronic monitoring programs, reported today its financial results for the first quarter 2024.

Key Points: 
  • The GEO Group, Inc. (NYSE: GEO) (“GEO”), a leading provider of support services for secure facilities, processing centers, and reentry centers, as well as enhanced in-custody rehabilitation, post-release support, and electronic monitoring programs, reported today its financial results for the first quarter 2024.
  • For the first quarter 2024, we reported net income of $22.7 million, compared to $28.0 million for the first quarter 2023.
  • We reported total revenues for the first quarter 2024 of $605.7 million compared to $608.2 million for the first quarter 2023.
  • We reported first quarter 2024 Adjusted EBITDA of $117.6 million, compared to $130.9 million for the first quarter 2023.

Electronic Offender Monitoring Solutions Report 2024: Smartphone Apps and Wrist-worn Devices Expand the Electronic Monitoring Market - Forecasts to 2028 - ResearchAndMarkets.com

Retrieved on: 
수요일, 4월 24, 2024
Technology, Hardware, Apps, Applications, Sentinel, Companding, COMP, Spacecom, GPS, Software, Securus Technologies, EM, Private sector, Electronic, GEO Group, Sentinel Offender Services, Video game

The report estimates that the number of daily users will grow to 94,000 in Europe, 680,000 in North America and 239,000 in Latin America by 2028.

Key Points: 
  • The report estimates that the number of daily users will grow to 94,000 in Europe, 680,000 in North America and 239,000 in Latin America by 2028.
  • The market value in 2023 reached US$ 226 million in Europe, US$ 1.3 billion in North America and US$ 76 million in Latin America.
  • What are the latest developments on the Electronic Offender Monitoring market?
  • Electronic monitoring (EM) programmes was first introduced in the US in the early 1980s.

The GEO Group Announces Date for First Quarter 2024 Earnings Release and Conference Call

Retrieved on: 
월요일, 4월 22, 2024
Law Enforcement, Emergency Services, Professional Services, Other Professional Services, State, Local, Public Policy, Government, GEO, International, GEO Group, Eastern Time Zone

The GEO Group, Inc. (NYSE:GEO) ("GEO") will release its first quarter 2024 financial results on Tuesday, May 7, 2024 before the market opens.

Key Points: 
  • The GEO Group, Inc. (NYSE:GEO) ("GEO") will release its first quarter 2024 financial results on Tuesday, May 7, 2024 before the market opens.
  • GEO has scheduled a conference call and simultaneous webcast for 11:00 AM (Eastern Time) on Tuesday, May 7, 2024.
  • Hosting the call for GEO will be George C. Zoley, Executive Chairman of the Board, Brian R. Evans, Chief Executive Officer, Shayn March, Acting Chief Financial Officer, Wayne Calabrese, President and Chief Operating Officer, and James Black, President, GEO Secure Services.
  • A telephonic replay will also be available through May 14, 2024.

The GEO Group Closes Senior Notes Offering and New Term Loan

Retrieved on: 
목요일, 4월 18, 2024
Law Enforcement, Emergency Services, Public Policy, Government, State, Local, Commercial Building & Real Estate, Construction & Property, REIT, Sale, GEO, Person, News, GEO Group, Hand, Retirement, Tranche, Term loan, Regulation

The GEO Group (NYSE: GEO) (“GEO” or the “Company”) announced today that it has closed a private offering of $1.275 billion aggregate principal amount of senior notes, comprised of $650.0 million aggregate principal amount of 8.625% senior secured notes due 2029 (the “Secured Notes”) and $625.0 million aggregate principal amount of 10.25% senior unsecured notes due 2031 (the “Unsecured Notes” and, together with the Secured Notes, the “Notes”), exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”).

Key Points: 
  • The GEO Group (NYSE: GEO) (“GEO” or the “Company”) announced today that it has closed a private offering of $1.275 billion aggregate principal amount of senior notes, comprised of $650.0 million aggregate principal amount of 8.625% senior secured notes due 2029 (the “Secured Notes”) and $625.0 million aggregate principal amount of 10.25% senior unsecured notes due 2031 (the “Unsecured Notes” and, together with the Secured Notes, the “Notes”), exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”).
  • The Notes are guaranteed by GEO’s domestic subsidiaries that are guarantors under a new senior secured credit facility and outstanding senior notes.
  • GEO also announced today that it has closed a new five-year $450.0 million Term Loan B (the “Term Loan”), bearing interest at SOFR plus 5.25%, under a new $760.0 million senior secured credit facility.
  • The offering of the Notes and the new Term Loan resulted in net proceeds of approximately $1.67 billion, after deducting the initial purchasers’ discount and estimated expenses payable by GEO.

New Insights Into Criminal Justice Dynamics in Town Of Palm Beach Support Reasonings For Nationwide Inherent Reform

Retrieved on: 
화요일, 4월 2, 2024
Comprehensive, PALM, GEO Group, History, Town, Privatization, Business

The McWhorter Foundation has requested a federal investigation into the funding of the Town of Palm Beach Police, in regard to the Town Of Palm Beach Police & Fire Foundation which is funded by private donors Residents and Businesses.

Key Points: 
  • The McWhorter Foundation has requested a federal investigation into the funding of the Town of Palm Beach Police, in regard to the Town Of Palm Beach Police & Fire Foundation which is funded by private donors Residents and Businesses.
  • This request opens up broader conversations about the intersection of wealth, justice, and equity, not only in Palm Beach but across the United States.
  • This scenario in Palm Beach serves as a microcosm for examining how financial interests may influence law enforcement priorities and actions.
  • Calls for Comprehensive Reform: The interconnectedness of these issues underscores the need for comprehensive criminal justice reform.

The GEO Group Prices Senior Notes Offering and New Term Loan

Retrieved on: 
목요일, 4월 4, 2024
Mental Health, Construction & Property, Law Enforcement, Emergency Services, Professional Services, Public Policy, Government, Building Systems, Social Services, State, Local, Health, Other Construction & Property, Sale, Regulation, News, GEO Group, Retirement, Term loan, GEO, Tranche, Hand, Person

The GEO Group (NYSE: GEO) ("GEO" or the "Company") announced today that it has priced a private offering of $1.275 billion aggregate principal amount of senior notes, comprised of $650.0 million aggregate principal amount of 8.625% senior secured notes due 2029 (the "Secured Notes") and $625.0 million aggregate principal amount of 10.25% senior unsecured notes due 2031 (the "Unsecured Notes" and together with the Secured Notes, the "Notes"), exempt from registration requirements of the Securities Act of 1933, as amended (the “Securities Act”).

Key Points: 
  • The GEO Group (NYSE: GEO) ("GEO" or the "Company") announced today that it has priced a private offering of $1.275 billion aggregate principal amount of senior notes, comprised of $650.0 million aggregate principal amount of 8.625% senior secured notes due 2029 (the "Secured Notes") and $625.0 million aggregate principal amount of 10.25% senior unsecured notes due 2031 (the "Unsecured Notes" and together with the Secured Notes, the "Notes"), exempt from registration requirements of the Securities Act of 1933, as amended (the “Securities Act”).
  • The Notes will be guaranteed by GEO's domestic subsidiaries that are guarantors under a new senior secured credit facility and outstanding senior notes.
  • The net proceeds of the offering of the Notes, borrowings under the new Term Loan, and cash on hand will be used to refinance approximately $1.5 billion of existing indebtedness, including to fund the refinance, repurchase, redemption or other discharge of the Company’s existing Tranche 1 Term Loan and Tranche 2 Term Loan under its existing senior credit facility, the 9.50% senior second lien secured notes, the 10.50% senior second lien secured notes, and the 6.00% senior notes due 2026, to pay related premiums, transaction fees and expenses.
  • GEO also intends to retire or settle a portion of the 6.50% exchangeable senior notes due 2026 issued by GEO Corrections Holdings, Inc., using shares of GEO common stock and cash.

The GEO Group Enters Into Private Exchange Agreements With Certain 6.50% Convertible Senior Noteholders

Retrieved on: 
금요일, 4월 5, 2024
Professional Services, Public Policy, Government, Law Enforcement, Emergency Services, State, Local, Other Professional Services, Commercial Building & Real Estate, Construction & Property, GEO Group, GEO, Debt-to-GDP ratio, Sale, Hand, Security (finance)

The GEO Group (NYSE: GEO) (“GEO” or the "Company"), announced that it has entered into private exchange agreements with certain holders (the "Noteholders") of GEO Corrections Holdings, Inc.’s 6.50% Exchangeable Senior Notes due 2026 (the "6.50% Exchangeable Senior Notes").

Key Points: 
  • The GEO Group (NYSE: GEO) (“GEO” or the "Company"), announced that it has entered into private exchange agreements with certain holders (the "Noteholders") of GEO Corrections Holdings, Inc.’s 6.50% Exchangeable Senior Notes due 2026 (the "6.50% Exchangeable Senior Notes").
  • The Noteholders have agreed to exchange $177 million in aggregate principal amount of the outstanding 6.50% Exchangeable Senior Notes for a current estimated valuation of $305 million.
  • The consideration will consist of cash and shares of GEO's common stock issued at closing.
  • The 6.50% Exchangeable Senior Notes to be exchanged represent approximately 77% of the outstanding principal amount, with $53 million in aggregate principal amount remaining outstanding following the exchange.

The GEO Group Announces Senior Notes Offering

Retrieved on: 
수요일, 4월 3, 2024
Social Services, Construction & Property, Professional Services, Health, Law Enforcement, Emergency Services, State, Local, Building Systems, Mental Health, Other Professional Services, Public Policy, Government, Other Construction & Property, GEO Group, GEO, Person, Tranche, Sale, Regulation, News

The GEO Group (NYSE: GEO) ("GEO" or the "Company") announced today that it is proposing, subject to market and other customary conditions, to issue $1.2 billion aggregate principal amount of senior notes, comprised of $700.0 million aggregate principal amount of senior secured notes due 2029 (the "Secured Notes") and $500.0 million aggregate principal amount of senior unsecured notes due 2031 (the "Unsecured Notes" and together with the Secured Notes, the "notes"), in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act").

Key Points: 
  • The GEO Group (NYSE: GEO) ("GEO" or the "Company") announced today that it is proposing, subject to market and other customary conditions, to issue $1.2 billion aggregate principal amount of senior notes, comprised of $700.0 million aggregate principal amount of senior secured notes due 2029 (the "Secured Notes") and $500.0 million aggregate principal amount of senior unsecured notes due 2031 (the "Unsecured Notes" and together with the Secured Notes, the "notes"), in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act").
  • The notes will be guaranteed by GEO's domestic subsidiaries that are guarantors under a new senior secured credit facility and outstanding senior notes.
  • The gross proceeds of the offering, borrowings under a contemplated new $400.0 million Term Loan B under a new senior secured credit facility, and cash on hand will be used to refinance approximately $1.5 billion of existing indebtedness, including to fund the repurchase, redemption or other discharge of the Company’s existing Tranche 1 Term Loan and Tranche 2 Term Loan under its existing senior credit facility, the 9.50% senior second lien secured notes, the 10.50% senior second lien secured notes, and the 6.00% senior notes due 2026, to pay related transaction fees and expenses, and for general corporate purposes of the Company.
  • The notes will be offered in the United States only to persons reasonably believed to be “qualified institutional buyers” pursuant to Rule 144A under the Securities Act, and outside the United States only to non-U.S. persons pursuant to Regulation S under the Securities Act.

The GEO Group Announces Commencement of Refinancing Process

Retrieved on: 
월요일, 4월 1, 2024
Law Enforcement, Emergency Services, Professional Services, Other Professional Services, State, Local, Public Policy, Government, GEO Group, GEO, Tranche

The GEO Group (NYSE: GEO) (“GEO” or the "Company"), announced the commencement of a refinancing process for its Tranche 1 and Tranche 2 term loans (collectively, the "Term Loans").

Key Points: 
  • The GEO Group (NYSE: GEO) (“GEO” or the "Company"), announced the commencement of a refinancing process for its Tranche 1 and Tranche 2 term loans (collectively, the "Term Loans").
  • As of December 31, 2023, an aggregate amount of $906.7 million of Term Loans was outstanding.
  • The terms of the proposed refinancing transactions will be disclosed upon completion of the transactions.
  • The proposed refinancings will be subject to customary closing conditions and there can be no assurance that any of the refinancings will occur successfully, or at all.