Corecivic announces closing of $450 million 8.25% senior notes due 2026

Brentwood, tenn., april 15, 2021 (globe newswire) -- corecivic, inc. (nyse: cxw) (the “company") closed its offering of $450,000,000 aggregate principal amount of 8.25% senior unsecured notes due 2026 (the “notes”) on april 14, 2021. the notes were priced at 99.0% of face value and have an effective yield to maturity of 8.50%. the aggregate net proceeds from the sale of the notes are expected to be approximately $435.1 million, after deducting the original issuance and underwriting discounts and estimated offering expenses. corecivic is using 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”), which have been called for redemption on may 14, 2021 by a redemption notice issued on april 14, 2021, including the payment of the applicable make-whole amount and accrued interest, and (ii) to otherwise repay or reduce its other indebtedness, which includes repurchasing approximately $128 million principal amount of the $350 million aggregate principal amount of 4.625% senior notes due 2023 (the “2023 senior notes”). following the repurchases of the 2023 senior notes described in the preceding sentence, the outstanding principal balance of the 2023 senior notes will be approximately $222 million. corecivic may use any remaining proceeds for general corporate purposes.
CXW Ratings Summary
CXW Quant Ranking