The GEO Group, Inc. (NYSE: GEO) has issued a notice of redemption for all $650 million in outstanding principal of its 8.625% Senior Secured Notes due 2029, with the redemption set for October 15, 2026.

The redemption price is set at $1,043.13 per $1,000 of original principal, totaling approximately $678 million, plus any accrued and unpaid interest through the day before the redemption date. GEO said it will fund the redemption using proceeds from recently announced asset sales, with payment processed through the Depository Trust Company.

GEO also announced the closing of an amendment to its credit agreement, extending the maturity of its $550 million Revolving Credit Facility to July 14, 2031, and increasing the company's restricted payments capacity. Following the amendment and the discharge of the notes' indenture, GEO will be permitted to make unlimited restricted payments, including share repurchases, provided its total leverage ratio on a pro forma basis does not exceed 2.25 to 1.00.

Under the indenture governing the company's $625 million 10.25% Senior Unsecured Notes due 2031, GEO may also make unlimited restricted payments if its consolidated total leverage ratio remains at or below 2.00 to 1.00.

Separately, GEO's board of directors approved a $750 million increase to its share repurchase authorization, raising the total program from $500 million to $1.25 billion, effective through December 31, 2029. Repurchases may be conducted in the open market, through block purchases, privately negotiated transactions, or pursuant to a trading plan in compliance with Rule 10b-18 under the Securities Exchange Act of 1934.