The GEO Group, Inc. Announces Pricing of Offering of $200 Million of Exchangeable Senior…

first_img Facebook KEYWORD: UNITED STATES NORTH AMERICA FLORIDA INDUSTRY KEYWORD: REIT LAW ENFORCEMENT/EMERGENCY SERVICES COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY PUBLIC POLICY/GOVERNMENT SOURCE: The GEO Group, Inc. Copyright Business Wire 2021. PUB: 02/19/2021 06:55 AM/DISC: 02/19/2021 06:55 AM http://www.businesswire.com/news/home/20210219005114/en Twitter Facebook TAGS  By Digital AIM Web Support – February 19, 2021 Local NewsBusiness WhatsApp WhatsApp BOCA RATON, Fla.–(BUSINESS WIRE)–Feb 19, 2021– The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”) announced today the pricing of the offering by its wholly-owned subsidiary, GEO Corrections Holdings, Inc. (“GEOCH”) of $200,000,000 aggregate principal amount of 6.50% exchangeable senior unsecured notes due 2026 (the “notes”) in a private offering under the Securities Act of 1933, as amended (the “Securities Act”). The notes will be guaranteed by GEO and GEO’s subsidiaries that are guarantors under GEO’s senior credit facility and outstanding senior notes. GEOCH also granted to the initial purchasers of the notes an option to purchase up to an additional $30,000,000 aggregate principal amount of the notes within a 13 day period beginning on, and including, the initial closing date. The offering of the notes is expected to close on February 24, 2021, subject to customary closing conditions, and is expected to result in net proceeds of approximately $192.0 million (or approximately $221.1 million if the initial purchasers exercise in full their over-allotment option), after deducting the initial purchasers’ discount and estimated offering expenses payable by GEO or GEOCH. The notes will mature on February 23, 2026, unless earlier repurchased or exchanged. GEOCH will pay to the noteholders cash interest at an annual rate of 6.50% plus an additional amount based on the dividends paid by the Company on its common stock, $0.01 par value per share (the “Company’s common stock”). Interest will be payable semiannually in arrears on March 1 and September 1 of each year, beginning on September 1, 2021. Subject to certain restrictions on share ownership and transfer, holders may exchange the notes at their option prior to the close of business on the business day immediately preceding November 25, 2025, but only under the following circumstances: (1) during the five consecutive business day period after any five consecutive trading day period, or the measurement period, in which the trading price per $1,000 principal amount of notes for each trading day of such measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the exchange rate for the notes on each such trading day; or (2) upon the occurrence of certain specified corporate events. On or after November 25, 2025, until the close of business on the second scheduled trading day immediately preceding the maturity date of the notes, holders may exchange their notes at any time, regardless of the foregoing circumstances. Upon exchange of a note, GEO will pay or deliver, as the case may be, cash or a combination of cash and shares of the Company’s common stock. If the Company or GEOCH undergoes a fundamental change, holders may require GEOCH to purchase the notes in whole or in part for cash at a fundamental change purchase price equal to 100% of the principal amount of the notes to be purchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change purchase date. The exchange rate for the notes is initially 108.4011 shares per $1,000 principal amount of the notes (equivalent to an initial exchange price of approximately $9.225 per share of the Company’s common stock). The exchange rate will be subject to certain adjustments. The Company and GEOCH intend to use the net proceeds of the offering to fund the repurchase, redemption or other discharge of GEO’s existing 5.875% senior notes due 2022, to pay related transaction fees and expenses, and for general corporate purposes. The notes are being offered in the United States only to persons reasonably believed to be “qualified institutional buyers” pursuant to Rule 144A under the Securities Act, and outside of the United States to non-U.S. persons in compliance with Regulation S under the Securities Act. Neither the notes nor any of the shares of the Company’s common stock issuable upon exchange of the notes, if any, have been, or will be, registered under the Securities Act and, unless so registered, may not be offered or sold in the United States, except pursuant to an applicable exemption from the registration requirements under the Securities Act. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the notes in any jurisdiction in which such offer, solicitation or sale is unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This press release includes forward-looking statements regarding GEOCH’s intention to issue the notes and its and GEO’s intended use of the net proceeds. These forward-looking statements may be affected by risks and uncertainties in GEO’s business and market conditions. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in GEO’s Securities and Exchange Commission filings, including GEO’s reports on Form 10-K and Form 10-Q filed with the Commission. GEO wishes to caution readers that certain important factors may have affected and could in the future affect GEO’s actual results and could cause GEO’s actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of GEO, including the risks that the offering of the notes cannot be successfully completed or that the repurchase, redemption or other discharge of its 5.875% senior unsecured notes due 2022 cannot be successfully completed. GEO undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof. View source version on businesswire.com:https://www.businesswire.com/news/home/20210219005114/en/ CONTACT: Pablo E. Paez Executive Vice President, Corporate Relations (866) 301 4436 The GEO Group, Inc. Announces Pricing of Offering of $200 Million of Exchangeable Senior Notes Due 2026 by Its Subsidiary, GEO Corrections Holdings, Inc. 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Viewpoint

first_imgThis week I had the pleasure of interviewing Allied Baking and Milling Group’s new CEO, the cheery antipodean Brian Robinson, at Allied’s headquarters in Maidenhead. Robinson arrived in the UK last November and was then struck down by a mystery bout of pneumonia – perhaps an extreme reaction to the change in climate. Thankfully, he is almost fully recovered and remains delighted to be in the UK, particularly, I am sure, now summer has finally arrived. And Robinson is swinging into action too! Any competitors who have been lulled into a false sense of security by his slow start should watch out. Robinson plans to put a sizzle in Allied Bakeries’ business (pg 3). He describes himself as a “turnaround specialist” and says he works best in a company which needs “sorting out”! Allied Bakeries is a relatively healthy plant bakery business, particularly compared to the likes of outfits such as the defunct New Rathbones. But it had been getting to the stage where it could begin to be called “beleaguered” in the last year. Its troubles have been well documented, from the loss of the Asda own-label business to declines in Kingsmill revenues and profits. Not forgetting the poorly-received Kings’ Mill advertising campaign featuring an Elvis impersonator, which has now been dropped. “The King is dead,” as Robinson jokes.When you look at it, Associated British Foods’ idea of bringing an overseas expert to overhaul its UK bakery business is inspired. Robinson has run bakery businesses in New Zealand, where he was born, as well as Australia, where he lived for 14 years, with some impressive results. He knows all the nuts and bolts of bakery, but he is not bogged down by an intricate understanding of the status quo in the UK. He questions traditional ways of operating which may be less than efficient. And personally, he has all the enthusiasm and joie de vivre necessary to accomplish his goals. He is overjoyed to be in the UK where his ancestors hailed from and overjoyed to be working in a sector where people really have a passion for what they do. I think that is called having the right attitude!Meanwhile, the deadline for entering our Baking Industry Awards is fast approaching – closing date is 16 June. Sylvia, who is on holiday this week, has asked me to urge you to get your forms in. Nothing ventured nothing gained!last_img read more

Judge refuses bail after huge brawl in Letterkenny

first_imgMore than 20 people were involved in a day-long altercation at Canal Road in Letterkenny last Sunday, a court has heard.Tommy Connors of 4 Canal Road was arrested at Letterkenny University Hospital on Sunday for his part in the fracas and gardai objected to bail being granted. Gardai outlined that on Sunday afternoon, Connors used a rope with hooks attached at the end to break three windows in a violent incident at Canal Road. He was also in possession of a steel bar.The court heard that a number of witness statements were taken and gardai are seeking further more serious charges in relation to this matter.Garda McLaughlin told Judge Paul Kelly that bail was being objected to on a number of grounds. These included the fact that Connors could interfere with witnesses and would not turn up to court to answer the charges against him.He confirmed that Connors was not the only person involved in this altercation and there were up to 20 persons involved throughout the day and there is an ongoing garda investigation in relation to it.Solicitor for the defendant, Mr Michael Shiel, asked Judge Kelly to grant bail and said his client had lived at that address for more than ten years.He said he has been in court on a number of occasions since then on public order charges and has had no warrants issued in the last five years.Mr Shiel suggested that Connors could provide an alternate address at which to reside but Garda McLaughlin said this would not change his view on the objection to bail.“I still believe that he would return to his brothers at 4 Canal Road,” said Garda McLaughlin.Judge Kelly noted that there was another incident recently involving parties related to the defendant at the same location and said he was refusing bail on the basis of possible interference with witnesses.Judge refuses bail after huge brawl in Letterkenny was last modified: June 14th, 2019 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more

Brand South Africa partners with Umalusi for the 12th (SAAEA) 2018 conference

first_imgTsabeng Nthite – Brand South Africa has partnered with Umalusi to contribute to the improvement of assessment methods and processes in the field of education. Umalusi is currently host to the 12th Southern Africa Association for Educational Assessment (SAAEA) Conference , in the city of Tshwane.Hosted under the theme “Local context in global context: encouraging diversity in assessment” – the conference aims to engage regional academic stakeholders from the African continent on the following focus areas: sustainable assessment practices and standards; innovative assessment opportunities and challenges; diversifying assessment; assessment and the development of critical thinking; as well as the impact of stake holding on effective assessment. Brand South Africa’s GM for Stakeholder Relations – Mpumi Mabuza said: “Assessment is an integral part of instruction in the field of education, as it determines whether or not the goals of education are being met. Assessment affects decisions about grades, placement, advancement, instructional needs, curriculum, and, in some cases, funding. “The ultimate goal, through a series of presentations and panel discussions at the SAAEA Conference is to collaborate on a way forward to solving challenges and identifying opportunities that will further encourage practices and standards in educational assessment.”The partnership is also aligned to South Africa’s National Development Plan which aims to ensure that by 2030 – all South Africans will be enriched by universal early childhood education, high-quality schooling, further education and training that allows them to fulfill their potential, and expanding higher education that accelerates the shift to a knowledge economy.last_img read more

Mobile phone boost to African internet

first_imgKenya’s hugely popular M-Pesa mobile banking system allows low-cost and hassle-free money transfers among people previously without access to financial services. (Image: Scott Mainwaring, Institute for Money, Technology and Social Inclusion) • Ericsson Corporate Communications +46 10 719 69 92 [email protected] • Ericsson Investor Relations +46 10 719 00 00 [email protected] • #BringBackOurGirls shows the power of social media in Africa • Seven reasons to be optimistic about Africa • How Africa tweets • Happy Africa • Student viral campaign tells the world: Africa is not a countryMary AlexanderThe internet is coming to Africa on a handset. According to new research by Swedish telecoms multinational Ericsson, mobile data traffic in sub-Saharan Africa is set to increase 20-fold by 2019 – as opposed to only a two-fold increase in voice traffic – while cellphone subscriptions rise to 930-million.The June edition of the quarterly Ericsson Mobility Report forecasts 635-million cellphone subscriptions in sub-Saharan Africa by the end of 2014, increasing to around 930-million by the end of 2019.“Digital technology is fast becoming a part of everyday life in sub-Saharan Africa,” the report says. With a mobile penetration rate of 70% at the end of 2013, sub-Saharan Africa is rapidly closing in on the global penetration rate of 92%.Nigeria and South Africa still have the most mobile subscribers, followed by Kenya, the Democratic Republic of Congo and Ghana. Subscription growth in the first quarter of 2014 rose the fastest in Nigeria, the Democratic Republic of Congo, Uganda and Ghana.Sub-Saharan Africa is a prepaid market. In 2013, the report says, 99% of Nigerian subscriptions were prepaid, as were 98% in Kenya and 83% in South Africa. The overall trend in sub-Saharan Africa’s mobile subscriptions growth, and the countries playing a key role in that growth. (Image: Ericsson Mobility Report)Cheaper smart devices, more dataIn sub-Saharan Africa, phones are used for tasks done on laptops or desktops elsewhere in the world. Consumers use their devices all day, in different locations and for a broad range of activities. A price-sensitive market, Africa is now seeing a rapid rise in ownership of low-cost smartphones and tablets priced under US$100. This will accelerate when smart devices costing less than $50 become available in the next few years.The rise of data phones has made connecting to the internet easier and more affordable across the region. Mobile broadband is now the primary way sub-Saharan Africa accesses the internet: 70% of mobile users in the countries researched browse the web on handheld devices, and only 6% on desktop computers.Mobile data traffic in the region is expected to increase 20-fold between the end of 2013 and the end of 2019, a rate double the 10-fold rise predicted in global mobile data traffic. Mobile data growth and mobile voice growth in sub-Saharan Africa, compared. (Image: Ericsson Mobility Report)The barrier to this growth is the scarcity of spectrum, which causes traffic congestion, delays in network rollout, higher service costs and a generally lower quality of service. According to the research, 47% of sub-Saharan cellphone users believe mobile data is still too expensive, although they also believe it is cheaper and more accessible than fixed-line internet.“Mobile operators and relevant ICT stakeholders, including governments, must drive the development of appropriate infrastructure to handle the growing traffic demand on networks,” the report says.A better society with broadband accessThe low cost of mobiles and the continued drop in prices has made them available to consumers from most income brackets, especially the rising middle class. Digital communication is also growing among lower-class urban consumers, and among the poor in rural areas, where 75% of sub-Saharan Africans live. And it is helping improve social conditions. Click graphic for a larger viewMany people remain unbanked in sub-Saharan Africa – and cellphones may be their only route to financial services. The report says 58% of handset users in the region are interested in using mobile banking in future. Mobile banking is also an example of digital services moving moved beyond the cities. It gives rural people cheaper access to their money, reducing the need to travel and generally cutting the cost of financial services.A new electronic wallet system has helped transform Nigerian agriculture. Farmers are able to get electronic vouchers for subsidised seeds and fertilisers sent directly to their phones, allowing them to pay for farming inputs from local dealers.Kenya-based MedAfrica is a mobile app providing basic information about health and medicine. It can be accessed on all cellphones – not just smartphones. People use the information independently, lowering the burden of care on doctors and reducing the need to travel and queuing.Watch a BBC report on Kenya’s MedAfrica:And as the recent #BringBackOurGirls Twitter campaign to rescue kidnapped Nigerian schoolgirls reveals, mobile internet access can help shine much-needed global light on previously ignored political conflict in Africa.“Affordable access to mobile broadband is not a luxury, but a necessity in regions such as sub-Saharan Africa,” the report says.Local content, new businessAs low-cost smartphones and tablets enter the sub-Saharan market, they create demand for locally produced content. Apps are being developed for African entertainment, communication, utility and productivity.In Kenya, Mozambique and Nigeria, smartphone apps are increasingly used to broadcast TV and media services, boosting the production of local content.The smartphone revolution has been a boon to the film industry of Nigeria, one of the top producers of movies in the world. Some Nollywood movies have even played a role in promoting smartphone uptake in the country.Consumers’ increased internet access has boosted new businesses offering value-added apps and services for smart devices, contributing to the growth of many industries in sub-Saharan Africa. In the financial sector, for example, mobile phones have transformed consumers’ banking behaviour and promoted financial inclusion.The rise in sophistication of social networking platforms is also contributing to increased mobile data traffic. According to the report, 74% of sub-Saharan social network users send messages to friends, 62% check their friends’ updates, 46% upload photos and videos, and 15% stream content from these platforms.The social, economic, political and technological gains ICT and broadband offer sub-Saharan Africa are huge. As a result, most countries in the region have national broadband policies in place to deal with this, and the rest are busy developing them.“Sub-Saharan Africa is a dynamic region, with technological advancements becoming a big part of how society functions,” the report says. “Consumers in the region are fast becoming the creators of content and deciders of services provided in the market.”last_img read more

Canadian rock legends Rush inspire names for new termitedwelling microbes

first_imgVANCOUVER – What do a trio of Canadian rock icons have in common with microbes living in the guts of termites?Researchers at the University of British Columbia say the tiny organisms have long, hair-like flagella and bob about like the members of the prog-rock band Rush.Now, three new species of microbe have been named after the band’s members; singer Geddy Lee, guitarist Alex Lifeson and drummer Neil Peart.The findings, and the new names, have been published in the online journal Scientific Reports.Microbiologist Patrick Keeling is the senior author of the paper and he says a number of Rush lyrics have also been hidden in the writing, “just for fun.”Keeling says the scientists hope naming the organisms after a beloved band gets more people interested in science.“Science is supported by society, so we like to tell them what we’re doing and get them excited about science,” he says. “And so far the response to this has been overwhelmingly positive.”Among those taking notice of the scientific novelty are the band members, who posted a message on Twitter saying they love their namesakes.“Having a microbe named after each us is a hugely tiny honour!” the Tweet says.Rush has been around since the late 1960s and has produced hits like “Tom Sawyer” and “Closer to the Heart.”The idea for naming the new species came from Javier del Campo, a Spanish post-doctoral student working in Keeling’s lab who had recently asked for some recommendations on Canadian music.Keeling, a lifelong fan, suggested Rush. He says del Campo loved the music and made a connection between photos of the band and what he was seeing under a microscope.“Basically, (the microbes) bob their heads around and thrash their hair around and it just kind of reminded us of publicity photos of bands you see from the 1970s,” Keeling says.The scientific names for the Pseudotrichonympha species are P. leei, P. lifesoni, and P. pearti. Keeling says his lab studies them as a hobby because they’re “amazing to look at.”“They’re large, super complex cells that squiggle and wriggle around a lot, and they’re just a lot of fun. Pretty, just beautiful forms,” he says.Found in the hindgut of termites, the organisms digest wood into sugars, Keeling explains.The researchers have also made a video showcasing the microbes, where viewers can watch the organism wriggle as Rush’s music plays in the background.___On the web: https://www.youtube.com/watch?v=HG5eoa3rucYlast_img read more

Pipelines and broken promises fill Trudeaus Kamloops town hall

first_imgTamara PimentelAPTN NewsPrime Minister Justin Trudeau’s first town hall of 2019 was just a nine hour drive from the Unist’ot’en camp where hereditary chiefs were negotiating a peaceful end to a decade long barricade of the Wet’suwet’en territory.Despite being that far down the road, the issue of pipelines, and broken promises sounded throughout the night from Indigenous and non-Indigenous peoples at the [email protected]@tamara_aptnlast_img