CoreCivic to price $250 million 10-year notes in Wednesday drive-by; whisper is 4¾% area

By Paul A. Harris

Portland, Ore., Oct. 11 – CoreCivic, Inc. plans to price $250 million of 10-year senior notes (Ba1/BB/BB+) in a quick-to-market Wednesday trade, according to market sources.

Initial guidance has the deal coming to yield in the 4¾% area.

BofA Merrill Lynch, J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc., PNC Capital Markets LLC and Regions Securities LLC are the joint bookrunners for the public offering. Citizens Capital Markets and FTN Financial Securities Corp. are the co-managers.

The notes come with five years of call protection.

The Nashville, Tenn.-based operator of privatized correctional and detention facilities, formerly the Corrections Corp. of America, plans to use the proceeds to pay down its revolving credit facility, for working capital and for other general corporate purposes.

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