International law firm Milbank, Tweed, Hadley & McCloy LLP recently represented BNP Paribas as sole lead arranger and administrative agent in connection with the amendment and restatement of $1.0 billion of senior secured credit facilities for The GEO Group, Inc. (NYSE: GEO) and its subsidiaries. Following the amendment and restatement and related transactions, GEO’s senior secured credit facilities are comprised of a $300 million term loan “B” and a $700 million revolving credit facility maturing in 7 and 5 years, respectively. In addition, the restated credit agreement was modified to accommodate GEO’s recently-adopted status as a Real Estate Investment Trust (REIT). GEO used borrowings under its bank facilities, together with the net proceeds of a recent $300 million senior unsecured notes offering, to effectively refinance its existing credit facilities and to pay related fees, costs and expenses.
Based in Boca Raton, Florida, The GEO Group, Inc. is a 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.
Headquartered in New York, BNP Paribas North America serves a world-class client base of multinational corporates and mid-cap companies, as well as major issuers and institutional buyers. Additional information about BNP Paribas is available on their website, usa.bnpparibas.com.
The Milbank Leveraged Finance team included partners Michael Bellucci and Richard Gray and associates Todd Koretzky, Katie Taylor and Laura Larsen. Additional advice was provided by Tax partner Bruce Kayle and associate Joseph Reich and Real Estate associates Lisa Brabant and Melissa Galicia. All members of the Milbank team are based in our New York office.
