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Corrections Corp. of America seven-year notes upsized to $250 million, talked in 10% area
By Paul A. Harris
St. Louis, Mo., April 23 - Corrections Corp. of America increased its offering of senior notes due 2009 (B2 expected) to $250 million from $150 million and official talk is for a yield in the 10% area, according to a syndicate source. The deal is expected to price Wednesday afternoon.
Lehman Brothers is bookrunner. Co-managers are UBS Warburg, Deutsche Bank Securities Inc. and SG Cowen.
The Rule 144A notes are non-callable for four years. Proceeds will be used to repay bank debt and for general corporate purposes.
The Nashville, Tenn.-based company owns and operates privatized correctional and detention facilities.
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