GEO Group | Jotup

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

Retrieved on:

Tuesday, April 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:

Thursday, April 4, 2024

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:

Friday, April 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:

Wednesday, April 3, 2024

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:

Monday, April 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.

The GEO Group Announces Five-Year Contract to Provide Air Operations Support Services for U.S. Immigration and Customs Enforcement

Retrieved on:

Tuesday, March 12, 2024

Law Enforcement, Emergency Services, Public Policy, Government, Defense, Other Policy Issues, Other Defense, Contracts, Federation, GTI, Aviation, Transport, GEO Group, ICE, CSI Aviation, GEO

The GEO Group (NYSE: GEO) (“GEO”) announced today that its wholly-owned subsidiary, GEO Transport, Inc. (“GTI”) has been awarded a five-year contract, inclusive of option periods, to provide air operations support services on behalf of U.S. Immigration and Customs Enforcement (“ICE”), as a subcontractor to CSI Aviation, Inc. (“CSI Aviation”) which has been selected by ICE as the prime contractor.

Key Points:

The GEO Group (NYSE: GEO) (“GEO”) announced today that its wholly-owned subsidiary, GEO Transport, Inc. (“GTI”) has been awarded a five-year contract, inclusive of option periods, to provide air operations support services on behalf of U.S. Immigration and Customs Enforcement (“ICE”), as a subcontractor to CSI Aviation, Inc. (“CSI Aviation”) which has been selected by ICE as the prime contractor.
CSI Aviation is a veteran-owned aviation services company, founded in 1979, with a long-standing record as a leading provider of aviation support services to the U.S. federal government.
GTI first began providing air operations support services to ICE as a subcontractor to CSI Aviation, under a nine-month emergency contract starting in July of 2023.
The award of this new five-year contract to provide air operations support services on behalf of ICE is a testament to GTI’s service delivery and safety record since its founding in 2007.

The GEO Group Reports Fourth Quarter and Full Year 2023 Results

Retrieved on:

Thursday, February 15, 2024

For the fourth quarter 2023, we reported net income of $31.8 million, compared to $41.5 million for the fourth quarter 2022.

Key Points:

For the fourth quarter 2023, we reported net income of $31.8 million, compared to $41.5 million for the fourth quarter 2022.
We reported total revenues for the fourth quarter 2023 of $608.3 million compared to $620.7 million for the fourth quarter 2022.
We reported fourth quarter 2023 Adjusted EBITDA of $129.0 million, compared to $145.5 million for the fourth quarter 2022.
Compared to fourth quarter 2023, our first quarter 2024 guidance reflects the impact of having one fewer day in the quarter.

The GEO Group Delivers Notice of Redemption for Remaining Senior Notes Due 2024

Retrieved on:

Monday, February 12, 2024

36162JAA4) (the “2024 Senior Notes”).

Key Points:

36162JAA4) (the “2024 Senior Notes”).
The redemption of the 2024 Senior Notes will occur on March 11, 2024 (the “Redemption Date”).
GEO has deposited with the trustee for the 2024 Senior Notes the redemption price for the 2024 Senior Notes, using available cash on hand, and the Indenture governing the 2024 Senior Notes has been satisfied and discharged as to the 2024 Senior Notes.
Payment of the redemption price for the 2024 Senior Notes will be made through the Depository Trust Company.

The GEO Group Announces Date for Fourth Quarter 2023 Earnings Release and Conference Call

Retrieved on:

Thursday, January 25, 2024

Law Enforcement, Emergency Services, Professional Services, Other Professional Services, State, Local, Public Policy, Government, International, GEO, Eastern Time Zone, GEO Group

The GEO Group, Inc. (NYSE:GEO) ("GEO") will release its fourth quarter 2023 financial results on Thursday, February 15, 2024 before the market opens.

Key Points:

The GEO Group, Inc. (NYSE:GEO) ("GEO") will release its fourth quarter 2023 financial results on Thursday, February 15, 2024 before the market opens.
GEO has scheduled a conference call and simultaneous webcast for 11:00 AM (Eastern Time) on Thursday, February 15, 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 webcast replay will remain available on the website for one year.

The GEO Group Amends Senior Revolving Credit Facility

Retrieved on:

Thursday, December 14, 2023

The GEO Group (NYSE: GEO) (“GEO” or the “Company”) announced today the closing of a Refinancing Revolving Credit Commitments Amendment ("Amendment") to its Credit Agreement dated as of August 19, 2022, providing for the refinancing of all of GEO's outstanding revolving credit facility commitments.

Key Points:

The GEO Group (NYSE: GEO) (“GEO” or the “Company”) announced today the closing of a Refinancing Revolving Credit Commitments Amendment ("Amendment") to its Credit Agreement dated as of August 19, 2022, providing for the refinancing of all of GEO's outstanding revolving credit facility commitments.
The Amendment provides for approximately $265 million in refinancing revolving credit commitments maturing on March 23, 2027.
Prior to the Amendment, a portion of the Company's revolving credit commitments matured on May 17, 2024, and the balance of the Company's revolving credit commitments matured on March 23, 2027.
All other terms governing the refinancing revolving credit commitments remain substantially consistent with those governing the revolving credit commitments being refinanced.