CoreCivic Announces Redemption of $325.0 Million 4.125% Senior Notes Due 2020
NASHVILLE, Tenn., Dec. 02, 2019 (GLOBE NEWSWIRE) -- CoreCivic, Inc. (NYSE: CXW) (the “Company”) announced today that it will redeem all of its outstanding $325.0 million in aggregate principal amount of 4.125% senior notes due 2020 (the “Notes”), on January 1, 2020 (the “Redemption Date”), at a redemption price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest to but excluding the Redemption Date. Since the Redemption Date is not a business day, the redemption price will be paid on the next succeeding business day, January 2, 2020. On and after the Redemption Date, interest will cease to accrue on the Notes and the Notes will cease to be outstanding. The Company intends to finance the redemption of the Notes with borrowings under the Company’s revolving credit facility.
The details concerning the redemption are fully described in the notice of redemption sent on December 2, 2019 to record holders of the Notes. This press release is not a notice of redemption. The redemption is being made solely pursuant to the notice of redemption.
This press release does not constitute an offer to buy or sell or the solicitation of an offer to sell or buy securities.
The Company is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through corrections and detention management, a growing network of residential reentry centers to help address America’s recidivism crisis, and government real estate solutions. We are a publicly traded real estate investment trust (REIT) and the nation’s largest owner of partnership correctional, detention and residential reentry facilities. We also believe we are the largest private owner of real estate used by U.S. government agencies. The Company has been a flexible and dependable partner for government for more than 35 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at http://www.corecivic.com/.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” regarding the redemption of the Notes and financing of such redemption. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. Important factors that could cause actual results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission and include the risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and the Company’s subsequently filed Quarterly Reports on Form 10-Q. The Company takes no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release.
Contact: Investors: Cameron Hopewell - Managing Director, Investor Relations - (615) 263-3024 Media: Steve Owen - Managing Director, Communications - (615) 263-3107