Published on 10/11/2017 in the Prospect News High Yield Daily.
New Issue: CoreCivic prices $250 million 10-year bullet at par to yield 4¾%
By Paul A. Harris
Portland, Ore., Oct. 11 – CoreCivic, Inc. priced $250 million of non-callable 10-year senior notes (Ba1/BB/BB+) at par to yield 4¾% on Wednesday, according to a syndicate source.
Initial guidance had 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 were the joint bookrunners.
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.
| Issuer: | CoreCivic, Inc.
|
| Amount: | $250 million
|
| Maturity: | Oct. 15, 2027
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc., PNC Capital Markets LLC, Regions Securities LLC
|
| Co-managers: | Citizens, FTN
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Spread: | 241 bps
|
| Call protection: | Non-callable
|
| Trade date: | Oct. 11
|
| Settlement date: | Oct. 13
|
| Ratings: | Moody's: Ba1
|
| S&P: BB
|
| Fitch: BB+
|
| Distribution: | SEC registered
|
| Marketing: | Quick to market
|
| Guidance: | 4¾% area
|
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