Shearman & Sterling represented the underwriters, represented by BofA Merrill Lynch, in connection with the purchase of $250 million aggregate principal amount of The GEO Group, Inc.’s (“GEO”) 5.875% Senior Notes due 2024. The net proceeds of the offering will be used to pay down indebtedness outstanding under GEO’s revolving credit facility and to pay related fees, costs and expenses.
GEO is a REIT specializing in the ownership, leasing and management of correctional, detention and re-entry facilities and the provision of community-based services and youth services in the United States, Australia, South Africa, the United Kingdom and Canada. GEO owns, leases and operates a broad range of correctional and detention facilities, including maximum, medium and minimum security prisons, immigration detention centers, minimum security detention centers, and community-based re-entry facilities. GEO’s worldwide operations include the ownership or management of approximately 100 facilities totaling approximately 79,000 beds, with a growing workforce of approximately 18,000 professionals.
The Shearman & Sterling team advising the initial purchasers included associates Nathan Mee (San Francisco-Capital Markets), Brian Bishop (New York-Capital Markets), Jamal Al-Haj (New York-Corporate Group), and Kammy Lai (New York-Tax); and international associate Athina Diamanti (New York-Capital Markets).