01:12 PM EDT, 04/01/2024 (MT Newswires) -- GEO Group ( GEO ) said Monday that it started a refinancing process for its tranche 1 and 2 term loans, under which $906.7 million was outstanding as of the end of 2023.

The company said it is targeting $1.6 billion in secured and unsecured financing and a $310 million revolving credit facility to repay the term loans, its revolving credit facility, its outstanding 9.5% and 10.5% senior second lien secured notes due 2028, and 6% senior unsecured notes due 2026. Proceeds from the refinancing will also be used for general working capital, the company added.

GEO Group ( GEO ) said there is no assurance that any of the refinancing transactions will be completed. The company also said it will release the terms of proposed refinancing transactions upon completion.

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