06:00 PM EDT, 04/04/2024 (MT Newswires) -- GEO Group ( GEO ) said, late Thursday, it priced a private offering of about $1.28 billion of senior notes.

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

The offering is expected to close on April 18.

GEO said it priced a new $450 million term loan B under a new senior secured credit facility, which is likely to close on April 18.

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

The cash portion for the retirement or settlement is estimated to be up to $180 million, the company said.