Press release from Business Wire
The GEO Group Establishes at the Market Equity Offering Program
Wednesday, May 08, 2013
The GEO Group Establishes at the Market Equity Offering Program07:30 EDT Wednesday, May 08, 2013
BOCA RATON, Fla. (Business Wire) -- The GEO Group, Inc. (NYSE:GEO) (“GEO”), the world's leading provider of diversified correctional, detention, and community reentry services, announced today that it has established an “at-the-market” equity offering program through which it may from time to time sell shares of its common stock for an aggregate offering price of up to $100 million. Under the program, GEO may offer and sell shares of its common stock from time to time through SunTrust Robinson Humphrey, Wells Fargo Securities, J.P. Morgan, and Avondale Partners as sales agents.
GEO intends to use the net proceeds of any sales for debt repayments, capital expenditures and/or general corporate purposes.
In conjunction with this "at-the-market" equity offering program, GEO filed today with the Securities and Exchange Commission a prospectus supplement to GEO's prospectus, dated September 13, 2011, filed as part of its effective shelf registration statement.
This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
The offering of these securities will be made only by means of a prospectus supplement and related base prospectus. You may obtain these documents at no cost on the SEC's website at www.sec.gov. Additionally, copies of the prospectus supplement and the related base prospectus may be obtained from: SunTrust Robinson Humphrey, Attention: Prospectus Department, 3333 Peachtree Road, NE, Atlanta, GA 30326, by calling the Prospectus Phone Number (404) 926-5744 or by e-mailing STRH.Prospectus@suntrust.com; (b) Wells Fargo Securities, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York 10152, by calling (800) 326-5897 or by e-mailing email@example.com; (c) J.P. Morgan, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by calling (866) 803-9204; or (d) Avondale Partners, Attention: Karen Peek, 3102 West End Ave., Suite 1100, Nashville, TN 37203, by calling (615) 467-3459.
The GEO Group, Inc. (NYSE: GEO) is the first fully integrated equity real estate investment trust specializing in the design, financing, development, and operation of correctional, detention, and community reentry facilities around the globe. GEO is the world's leading provider of diversified correctional, detention, and community reentry services to government agencies worldwide with operations in the United States, Australia, South Africa, and the United Kingdom. GEO's worldwide operations include the ownership and/or management of 95 facilities totaling approximately 72,000 beds with a growing workforce of approximately 18,000 professionals.
This press release contains forward-looking statements regarding future events and future performance of GEO that involve risks and uncertainties that could materially affect actual results. Factors that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to: (1) the risk that future sales of GEO common stock could adversely affect the market price of the common stock and may be dilutive to current shareholders; (2) GEO's ability to successfully pursue further growth and continue to create shareholder value; (3) risks associated with GEO's ability to control operating costs associated with contract start-ups; (4) GEO's ability to timely open facilities as planned, profitably manage such facilities and successfully integrate such facilities into GEO's operations without substantial costs; (5) GEO's ability to win management contracts for which it has submitted proposals and to retain existing management contracts; (6) GEO's ability to obtain future financing on acceptable terms; (7) GEO's ability to sustain company-wide occupancy rates at its facilities; (8) GEO's ability to access the capital markets in the future on satisfactory terms or at all; and (9) other factors contained in GEO's Securities and Exchange Commission periodic filings, including the Form 10-K, 10-Q and 8-K reports.
The GEO Group, Inc.
Pablo E. Paez, 866-301-4436
Vice President, Corporate Relations