The GEO Group Completes Redemption of All Senior Secured Notes Due 2029
BOCA RATON, Fla., October 19, 2026--The GEO Group, Inc. (NYSE: GEO) ("GEO" or the "Company") announced today that it completed the redemption of all of the $650,000,000 in outstanding aggregate principal amount of its 8.625% Senior Secured Notes due 2029 (CUSIP Nos. 36162JAG1 and U32352AF0) (the "2029 Senior Secured Notes") on October 15, 2026 (the "Redemption Date").
The redemption price for the 2029 Senior Secured Notes was equal to $1,043.13 per $1,000.00 original principal amount, or approximately $678 million, plus any accrued and unpaid interest up to, but excluding, the Redemption Date. The Indenture governing the 2029 Senior Secured Notes has been discharged. Payment of the redemption price for the 2029 Senior Secured Notes was made through the Depository Trust Company.
On October 6, 2026, GEO previously announced the closing of an amendment to the Company's Amended Credit Agreement to extend the maturity of its $550 million Revolving Credit Facility to July 14, 2031 and to increase the Company's restricted payments capacity. As of October 19, 2026, GEO had no outstanding borrowings under its Revolving Credit Facility.
Following this amendment and the discharge of the Indenture governing the 2029 Senior Secured Notes, GEO is permitted to make unlimited restricted payments, including share repurchases, under the Amended Credit Agreement, to the extent the Company's total leverage ratio (as defined therein) calculated on a pro forma basis after giving effect to such restricted payment would be equal to or less than 2.25 to 1.00 and no default exists thereunder. Additionally, under the Indenture governing the Company's $625 million 10.25% Senior Unsecured Notes due 2031, GEO is permitted to make unlimited restricted payments, including share repurchases, to the extent the Company's consolidated total leverage ratio (as defined therein) calculated on a pro forma basis after giving effect to such restricted payment would be equal to or less than 2.00 to 1.00 and no default exists thereunder. On October 5, 2026, GEO previously announced that its Board of Directors approved a $750 million increase to the Company's share repurchase authorization program, which is effective through December 31, 2029, from $500 million to $1.25 billion.
Following the redemption of the 2029 Senior Secured Notes, GEO's outstanding gross debt totaled $625 million as of October 19, 2026, excluding mortgage debt on the Company's Headquarters building with current principal balance of approximately $36 million.