The GEO Group, Inc. Announces Early Results in Connection with the Tender
Offer and Consent Solicitation for Its 7¾% Senior Notes Due 2017
BOCA RATON, Fla. -- October 3, 2013
The GEO Group, Inc. (NYSE: GEO) (“GEO”) announced the results to date of the
cash tender offer and consent solicitation for any and all of its $250,000,000
aggregate principal amount of its 7¾% Senior Notes due 2017, CUSIP No.
36159RAC7 (the "Notes").
As of 5:00 p.m., New York City time, on October 2, 2013, which was the
"Consent Payment Deadline" for the tender offer and consent solicitation, the
Company received valid tenders and consents from holders of $209,092,000 in
aggregate principal amount of the Notes. This represents 83.64% of the
outstanding principal amount of the Notes.
Holders of Notes who tendered their Notes prior to the Consent Payment
Deadline, and whose Notes are accepted for purchase, will receive the total
consideration of $1,043.45 per $1,000 principal amount of Notes, which
includes the consent payment of $30.00 per $1,000 principal amount of Notes
validly tendered. GEO expects to settle all Notes tendered by the Consent
Payment Deadline on October 3, 2013.
The tender offer and consent solicitation remains open and will expire at
11:59 p.m., New York City time, on October 17, 2013 (the “Expiration Time”).
Holders of Notes who tender after the Consent Payment Deadline but prior to
the Expiration Time will receive the tender offer consideration of $1,013.45
per $1,000 principal amount of Notes payable on the final payment date, which
we expect to be October 18, 2013. In addition, all holders whose Notes are
accepted for purchase will receive accrued and unpaid interest in respect of
their purchased Notes from the last interest payment date up to but not
including the applicable payment date. GEO plans to call for redemption all
remaining Notes not tendered by the Consent Payment Deadline.
The terms and conditions of the tender offer and consent solicitation are set
forth in the Offer to Purchase and Consent Solicitation Statement dated
September 19, 2013 (the “Offer to Purchase”). GEO may amend, extend or,
subject to certain conditions, terminate the tender offer and consent
GEO has retained Wells Fargo Securities, LLC as dealer manager and
solicitation agent in connection with the tender offer and consent
solicitation. Questions regarding the tender offer and consent solicitation
may be directed to Wells Fargo Securities, LLC, at (866) 309-6316 (U.S.
toll-free) and (704) 410-4760 (collect). Copies of the Offer to Purchase and
the related Letter of Transmittal and Consent, dated September 19, 2013, may
be obtained from the information agent, D.F. King & Co., Inc. at (800)
829-6551 (U.S. toll-free) and (212) 269-5550 (collect).
This news release shall not constitute an offer to buy or a solicitation of an
offer to sell the Notes. Any such offer, solicitation, purchase or sale will
be made only by means of the Offer to Purchase and the related Letter of
Transmittal and Consent.
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, and community reentry 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 96 facilities totaling approximately 73,000 beds, including
projects under development, with a growing workforce of approximately 18,000
This press release includes forward-looking statements regarding GEO's tender
offer for the Notes and related consent solicitation and its plans to call for
redemption all Notes not tendered by the Consent Payment Deadline. These
forward-looking statements may be affected by risks and uncertainties in GEO's
business and market conditions. This information is qualified in its entirety
by cautionary statements and risk factor disclosure contained in GEO's
Securities and Exchange Commission filings, including GEO's reports on Form
10-K and Form 10-Q filed with the Commission. GEO wishes to caution readers
that certain important factors may have affected and could in the future
affect GEO's actual results and could cause GEO's actual results for
subsequent periods to differ materially from those expressed in any
forward-looking statement made by or on behalf of GEO, including the risks
that GEO is unable to successfully consummate the cash tender offer and
consent solicitation. GEO undertakes no obligation to update forward-looking
statements to reflect events or circumstances after the date hereof.
The GEO Group, Inc.
Pablo E. Paez, 866-301-4436
Vice President, Corporate Relations
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