GEO Group rises after refinancing $650 million debt
GEO•GEO Group shares rose 2.6% premarket after the company refinanced $650 million of senior secured notes due 2029 and extended its $550 million revolving credit facility to July 2031.
1. Debt refinancing
GEO Group redeemed $650 million of senior secured notes due 2029 and extended the maturity of its $550 million revolving credit facility to July 2031. Earlier this week, the company agreed to sell its Adelanto, California, ICE processing center complex for $950 million and recently increased its share repurchase authorization to $1.25 billion. Its shares had more than doubled this year through the previous close.
