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BOCA RATON, FL-The Geo Group Inc. has used $200 million from itsMarch 23 stock offering to cut its outstanding debt from $515million to $315 million. The remaining portion consists of $150million in senior unsecured notes and $165 million in term loanborrowings.
The stock offering of nearly 5.5 million shares, including712,500 for over-allotments, raised proceeds of $226.3 million. Theremainder will be used for general corporate purposes, including"potential acquisitions of complementary businesses and otherassets," according to a Geo statement.
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