The GEO Group has delivered a notice of redemption for all $650,000,000 in outstanding aggregate principal amount of its 8.625% Senior Secured Notes due 2029, with the redemption set for October 15, 2026. The redemption price will be $1,043.13 per $1,000.00 original principal amount, or approximately $678 million, plus accrued and unpaid interest, funded by net proceeds from recently announced asset sales and deposited with the trustee by October 14, 2026. Separately, GEO closed an amendment to its Amended Credit Agreement that extends the maturity of its $550 million Revolving Credit Facility to July 14, 2031 and increases its restricted payments capacity. Following the amendment and the discharge of the 2029 notes indenture, GEO may make unlimited restricted payments, including share repurchases, if its pro forma total leverage ratio is at or below 2.25 to 1.00 with no default, while its $625 million 10.25% Senior Unsecured Notes due 2031 allow the same if the consolidated total leverage ratio is at or below 2.00 to 1.00. GEO also recently announced that its Board of Directors approved a $750 million increase to its share repurchase authorization, raising the program from $500 million to $1.25 billion through December 31, 2029.
Geo Group IncGEO redeems $650M of 8.625% 2029 notes, extends its $550M revolver to 2031, and boosts its buyback authorization to $1.25B, improving its debt profile and capital-return capacity.
