04:53 PM EDT, 04/18/2024 (MT Newswires) -- GEO Group ( GEO ) said late Thursday it closed a private offering of almost $1.28 billion of senior notes to refinance debt.

The offering comprised $650 million of 8.625% senior secured notes due 2029 and $625 million of 10.25% senior unsecured notes due 2031.

The company said it closed a new five-year $450 million term loan B, bearing interest at a Secured Overnight Financing Rate plus 5.25%, under a new $760 million senior secured credit facility. The facility includes a five-year revolving line of credit for $310 million.

GEO intends to use the net proceeds and cash on hand to refinance about $1.5 billion of debt. The company also plans to retire or settle a portion of the 6.5% exchangeable senior notes due 2026 issued by GEO Corrections Holdings, using shares of GEO common stock and cash.

GEO shares rose 1.3% in recent after-hours trading.