(Bloomberg) -- Private prison operator GEO Group sold about $1.73 billion in bonds and loans to refinance its debt, increasing the scale of the transactions over what was initially offered, according to people familiar with the matter. 

The Boca Raton, Florida-based company sold $650 million of senior secured notes due 2029 at par with a 8.625% coupon and $625 million of senior unsecured notes due 2031 at par to yield 10.25%, the people said, asking not to be identified because the information is private. The transaction was upsized from $1.2 billion as the prices came in line with initial expectations.

Citizens JMP Securities, which led the transaction, declined to comment.

GEO also priced a $450 million leveraged loan Thursday, after increasing it by $50 million. The loan was issued at 525 basis points over the Secured Overnight Financing Rate at a discount of 99 cents, tighter than initial discussions that called for a discount between 98 and 98.5 cents.

GEO’s successful refinancing comes after rival CoreCivic Inc. sold $500 million in notes with an 8.25% coupon to extend its maturities. 

(Updates with GEO loan pricing in the fourth paragraph.)

©2024 Bloomberg L.P.