GEO Group redeems $650M in senior secured notes, cuts debt to $625M

The GEO Group, Inc. (NYSE: GEO) completed the redemption of $650 million in aggregate principal of its 8.625% Senior Secured Notes due 2029 on October 15, 2026, according to a press release.

The redemption price was $1,043.13 per $1,000 of original principal, totaling approximately $678 million, plus accrued and unpaid interest through the redemption date. The indenture governing the notes has been discharged, and payment was made through the Depository Trust Company.

Following the redemption, GEO's outstanding gross debt totaled $625 million as of October 19, 2026, excluding mortgage debt on its headquarters building with a remaining principal balance of approximately $36 million.

On October 6, 2026, GEO closed an amendment to its credit agreement extending its $550 million revolving credit facility maturity to July 14, 2031. As of October 19, 2026, the company had no outstanding borrowings under that facility.

The amended credit agreement now permits GEO to make unlimited restricted payments, including share repurchases, provided its total leverage ratio does not exceed 2.25 to 1.00 on a pro forma basis. A similar provision under the indenture governing GEO's $625 million 10.25% Senior Unsecured Notes due 2031 allows unlimited restricted payments if the consolidated total leverage ratio remains at or below 2.00 to 1.00.

On October 5, 2026, GEO's board 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.

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