CoreCivic talks $450 million five-year notes to yield 8¼%-8 3/8%; pricing expected Tuesday

By Paul A. Harris

Portland, Ore., March 5 – CoreCivic, Inc. talked its $450 million public offering of senior notes due 2029 (Ba2/BB-) to yield 8¼% to 8 3/8%, according to market sources.

Official talk comes in line with initial guidance in the low-to-mid 8% area.

The deal is expected to price on Tuesday.

The five-year notes come with two years of call protection.

Citizens JMP Securities LLC, StoneX Financial Inc. and FHN Financial Securities Corp. are the joint bookrunners.

Co-managers are Wedbush Securities Inc. and TCBI Securities Inc.

Equiniti Trust Co., LLC is the trustee.

Counsel to the issuer is provided by Bass, Berry & Sims plc (Delaware, Tennessee and Texas law), Miles & Stockbridge P.C. (Maryland law), Brownstein Hyatt Farber Schreck, LLP (California, Colorado and Nevada law) and McAfee & Taft (Oklahoma law). Counsel to the underwriters is provided by Latham & Watkins LLP.

The Brentwood, Tenn.-based jailer plans to use the proceeds plus a draw on its revolver to fund the concurrent cash tender offer for any and all of its $593.1 million of outstanding 8¼% senior notes due 2026, and if necessary, to redeem any notes remaining outstanding following the tender.

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