Corecivic announces proposed $400 million senior notes offering

Brentwood, tenn., april 07, 2021 (globe newswire) -- corecivic, inc. (nyse: cxw) (the “company") announced today that it intends to offer $400,000,000 aggregate principal amount of senior unsecured notes due 2026 (the “notes”), subject to market and other customary conditions. the notes will be senior unsecured obligations of corecivic and will be guaranteed on a senior unsecured basis by all of corecivic's subsidiaries that guarantee its senior secured credit facilities and its other indebtedness. corecivic intends to use a significant amount of the net proceeds from the offering of the notes (i) to redeem all $250 million principal amount of its outstanding 5.00% senior notes due 2022 (the “2022 senior notes”), including the payment of the applicable make-whole amount and accrued interest, and (ii) to otherwise repay or reduce its other indebtedness, which may include repurchasing or redeeming a portion of its $350 million principal amount of 4.625% senior notes due 2023 (the “2023 senior notes”). corecivic may use any remaining proceeds for general corporate purposes. there can be no assurance that the offering of the notes, the redemption of the 2022 senior notes, or any other debt reduction will be consummated.
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