The College Equity Research Contest that Awards Up to $7,500 to Winning Student(s) and $5,000 to School

 

Boca Raton, Fl. November 1, 2021, Noble Capital Markets today announced the launch of its third annual Channelchek College Challenge. The equity research report contest is designed to encourage college students to explore the field of equity research and analysis. The prize package includes cash for both winning student(s) and the winner’s school, a paid internship with Noble Capital Markets, an award ceremony that will be recorded and played on the Nasdaq tower in New York, and more.

Participants are asked to prepare a “Wall Street-style” equity research report on one of the more than 6,000 public small and microcap companies found on channelchek.com. Channelchek is an investor resource featuring news and commentaries, equity research, live and recorded management discussions, company and stock market data, plus exclusive reports on select industries.

The student(s) that register for this year’s College Challenge will be competing for up to $7,500 paid to them; their college will receive an additional $5,000. The student(s) will also be offered a paid internship with Noble Capital Markets. The planned award ceremony this year will be online as possible restrictions on travel to South Florida still threaten and can’t be known looking out as far as early 2022. However, a video of the award presentation ceremony will be produced and featured on the NASDAQ Tower in New York City’s Times Square.

The College Challenge has been made possible with the support of the following sponsors: Channelchek, Salem Media Group, Kelly Services, NASDAQ, The College Investor, and E.W. Scripps, known for its National Spelling Bee. Contact Channelchek for information on sponsorship opportunities for the third College Challenge.

Mike Kupinski, Noble’s Director of Research, was active in providing guidance and judging last year’s College Challenge; he stated, “It’s exciting to be involved in this competition’s third year. Last year the students clearly took the competition seriously with reports that were well written, with thorough analysis. The winners, Melissa Mueller and Benjamin Trussel from the University of Tennessee are examples of the high level of talent present within the college community today.” Looking toward this year’s College Challenge, Kupinski said, “I hope that the competition will incent more students to be inspired to seek careers in equity research, as well as the financial industry.”

Registration Info: https://www.channelchekcollegechallenge.com

Contest Guidelines:

The Challenge is open to students without restrictions relating to age or academic specialization who are registered at an institute of higher learning anywhere in the United States. Entries will be judged by senior equity analysts at Noble Capital Markets.

A complete list of rules are available at 
College
Challenge Rules. Students planning to compete should be aware there will be regular emailed tips and two informational session webinars for those registered. The information session registration links will be sent to those already registered to take part in the contest. Students interested are encouraged to register early.

About Noble Capital Markets, Inc.

Noble Capital Markets (“Noble”) is a research-driven boutique investment bank that has supported small & microcap companies since 1984. As a FINRA and SEC licensed broker dealer Noble provides institutional-quality equity research, merchant and investment banking, wealth management, and order execution services. In 2005, Noble established NobleCon, an investor conference that has grown substantially over the last decade. Noble launched Channelchek – a new investment community dedicated exclusively to small and micro-cap companies and their industries in 2018. 
Channelchek is tailored to meet the needs of self-directed investors and financial professionals. Channelchek is the first service to offer institutional-quality research to the public, for FREE at every level without a subscription. More than 6,000 public emerging growth companies are listed on the site, with growing content including research, webcasts, podcasts, and balanced news.

For all inquiries contact: College Challenge

The College Equity Research Contest that Awards Up to $7,500 to Winning Student(s) and $5,000 to School

 

Boca Raton, Fl. November 1, 2021, Noble Capital Markets today announced the launch of its third annual Channelchek College Challenge. The equity research report contest is designed to encourage college students to explore the field of equity research and analysis. The prize package includes cash for both winning student(s) and the winner’s school, a paid internship with Noble Capital Markets, an award ceremony that will be recorded and played on the Nasdaq tower in New York, and more.

Participants are asked to prepare a “Wall Street-style” equity research report on one of the more than 6,000 public small and microcap companies found on channelchek.vercel.app. Channelchek is an investor resource featuring news and commentaries, equity research, live and recorded management discussions, company and stock market data, plus exclusive reports on select industries.

The student(s) that register for this year’s College Challenge will be competing for up to $7,500 paid to them; their college will receive an additional $5,000. The student(s) will also be offered a paid internship with Noble Capital Markets. The planned award ceremony this year will be online as possible restrictions on travel to South Florida still threaten and can’t be known looking out as far as early 2022. However, a video of the award presentation ceremony will be produced and featured on the NASDAQ Tower in New York City’s Times Square.

The College Challenge has been made possible with the support of the following sponsors: Channelchek, Salem Media Group, Kelly Services, NASDAQ, The College Investor, and E.W. Scripps, known for its National Spelling Bee. Contact Channelchek for information on sponsorship opportunities for the third College Challenge.

Mike Kupinski, Noble’s Director of Research, was active in providing guidance and judging last year’s College Challenge; he stated, “It’s exciting to be involved in this competition’s third year. Last year the students clearly took the competition seriously with reports that were well written, with thorough analysis. The winners, Melissa Mueller and Benjamin Trussel from the University of Tennessee are examples of the high level of talent present within the college community today.” Looking toward this year’s College Challenge, Kupinski said, “I hope that the competition will incent more students to be inspired to seek careers in equity research, as well as the financial industry.”

Registration Info: https://www.channelchekcollegechallenge.com

Contest Guidelines:

The Challenge is open to students without restrictions relating to age or academic specialization who are registered at an institute of higher learning anywhere in the United States. Entries will be judged by senior equity analysts at Noble Capital Markets.

A complete list of rules are available at 
College
Challenge Rules. Students planning to compete should be aware there will be regular emailed tips and two informational session webinars for those registered. The information session registration links will be sent to those already registered to take part in the contest. Students interested are encouraged to register early.

About Noble Capital Markets, Inc.

Noble Capital Markets (“Noble”) is a research-driven boutique investment bank that has supported small & microcap companies since 1984. As a FINRA and SEC licensed broker dealer Noble provides institutional-quality equity research, merchant and investment banking, wealth management, and order execution services. In 2005, Noble established NobleCon, an investor conference that has grown substantially over the last decade. Noble launched Channelchek – a new investment community dedicated exclusively to small and micro-cap companies and their industries in 2018. 
Channelchek is tailored to meet the needs of self-directed investors and financial professionals. Channelchek is the first service to offer institutional-quality research to the public, for FREE at every level without a subscription. More than 6,000 public emerging growth companies are listed on the site, with growing content including research, webcasts, podcasts, and balanced news.

For all inquiries contact: College Challenge

Friday, September 24, 2021

CoreCivic, Inc. (CXW)
Note Offering Upsized to $225 Million

CoreCivic is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through corrections and detention management, a growing network of residential reentry centers to help address America’s recidivism crisis, and government real estate solutions. We are a publicly traded real estate investment trust and the nation’s largest owner of partnership correctional, detention and residential reentry facilities. We also believe we are the largest private owner of real estate used by U.S. government agencies. The Company has been a flexible and dependable partner for government for more than 35 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Upsized Offering. CoreCivic upsized its tack-on offering of 8.25% senior notes to $225 million from an original $100 million. The demand for CXW paper is a positive sign that debt investors believe the Company can continue to satisfy its debt obligations, in our view, and provides at least a glimpse as to debt investors’ view of the Company’s business model.


Details.  The Additional Notes were priced at 102.25% of their aggregate principal amount, plus accrued interest from April 14, 2021, the issue date for CoreCivic’s previously issued $450 million aggregate principal amount of 8.25% senior unsecured notes due 2026 (the “Existing Notes”). The Additional Notes will have an effective yield to maturity of 7.65% and will constitute a single class of …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Friday, September 24, 2021

DLH (DLHC)
Awarded FEMA Contract with $87 Million Ceiling

DLH Holdings Corp is a provider of technology-enabled business process outsourcing and program management solutions in the United States. The company offers services to several government agencies which include the Department of veteran affairs, Department of health and human services, Department of Defense and other government agencies. It operates primarily through prime contracts and also derives its revenue from agencies of the federal government, primarily as a prime contractor but also as a subcontractor to other Federal prime contractors.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Contract. Under a Federal Emergency Management Agency (FEMA) contract to provide support for states seeking temporary hospital support during the COVID-19 pandemic, DLH has been awarded a contract to support the state of Alaska. The contract has a ceiling value of $87 million for the 90-day base period, with the potential for three one-month extensions. The contract begins Monday.


Details.  As the prime contractor, DLH will manage the emergency medical logistics coordination for the healthcare services teams fielded by its subcontractor, which will provide a significant percentage of the services. DLH will leverage its relationship with a nationally recognized temporary medical staffing firm to place experienced medical support personnel in communities throughout the state …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Thursday, September 23, 2021

CoreCivic, Inc. (CXW)
Title 42 Ruling; Contract Updates

CoreCivic is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through corrections and detention management, a growing network of residential reentry centers to help address America’s recidivism crisis, and government real estate solutions. We are a publicly traded real estate investment trust and the nation’s largest owner of partnership correctional, detention and residential reentry facilities. We also believe we are the largest private owner of real estate used by U.S. government agencies. The Company has been a flexible and dependable partner for government for more than 35 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Title 42 Ruling. Last week U.S. District Judge Emmet Sullivan blocked the Federal government from expelling migrant families from the United States under “Title 42.” The order takes effect in 14 days. The government has filed a notice of appeal to the United States Court of Appeals for the District of Columbia Circuit. If upheld, the elimination of Title 42 expulsions could increase demand for CoreCivic beds.


Key Points.  In a 58-page ruling, Judge Sullivan found that the Title 42 policy does not authorize the expulsion of migrants and therefore does not allow for those removed to be denied the opportunity to seek asylum in the U.S. While the ruling applies to families, many of whom are already being allowed to stay in the U.S., if Title 42 does not authorize the expulsion of families one can see the …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Thursday, September 23, 2021

The GEO Group, Inc. (GEO)
Title 42 Ruling; Contract Update

With over 94,000 beds owned, leased or managed across its business lines and serving over 260,000 people daily, GEO is a leading provider of mission critical real estate to its governmental partners. The Company is the first fully integrated equity REIT specializing in the design, financing, development, and operation of secure facilities, processing centers, and community reentry centers in the U.S., Australia, South Africa, and the U.K.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Title 42 Ruling. Last week U.S. District Judge Emmet Sullivan blocked the Federal government from expelling migrant families from the United States under “Title 42.” The order takes effect in 14 days. The government has filed a notice of appeal to the United States Court of Appeals for the District of Columbia Circuit. If upheld, the elimination of Title 42 expulsions could increase demand for GEO beds.


Key Points.  In a 58-page ruling, Judge Sullivan found that the Title 42 policy does not authorize the expulsion of migrants and therefore does not allow for those removed to be denied the opportunity to seek asylum in the U.S. While the ruling applies to families, many of whom are already being allowed to stay in the U.S., if Title 42 does not authorize the expulsion of families one can see the …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

CoreCivic Announces Upsizing and Pricing of Tack-On Offering of $225 Million 8.25% Senior Notes Due 2026

 

BRENTWOOD, Tenn., Sept. 22, 2021 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (the Company) announced today that it successfully upsized and priced its offering of an additional $225,000,000 aggregate principal amount of CoreCivic’s 8.25% senior unsecured notes due 2026 (the “Additional Notes”). The aggregate principal amount of the Additional Notes to be issued in the offering was increased to $225 million from the previously announced $100 million. The Additional Notes were priced at 102.25% of their aggregate principal amount, plus accrued interest from April 14, 2021, the issue date for CoreCivic’s previously issued $450 million aggregate principal amount of 8.25% senior unsecured notes due 2026 (the “Existing Notes”). The Additional Notes will have an effective yield to maturity of 7.65% and will constitute a single class of securities with the Existing Notes.

The Additional Notes will be senior unsecured obligations of CoreCivic and will be guaranteed on a senior unsecured basis by all of CoreCivic’s subsidiaries that guarantee its senior secured credit facilities, the Existing Notes and its other indebtedness. The aggregate net proceeds from the sale of the Additional Notes are expected to be approximately $225.5 million, after deducting the underwriting discounts and estimated offering expenses. CoreCivic intends to use the net proceeds from the offering of the Additional Notes for general corporate purposes, which may include purchasing CoreCivic’s existing $174.0 million principal amount of 4.625% senior notes due 2023 and CoreCivic’s existing $250.0 million principal amount of 4.75% senior notes due 2027 in open market or privately negotiated transactions, and/or repayment of amounts outstanding under CoreCivic’s revolving credit facility, Term Loan A or Term Loan B. To the extent CoreCivic repays amounts outstanding under its revolving credit facility, such amounts may be reborrowed. There can be no assurance that the offering of the Additional Notes will be consummated.

Imperial Capital is acting as left lead underwriter, StoneX Financial Inc. is acting as joint lead arranger, and Wedbush Securities Inc. is acting as co-manager for the offering.

The Additional Notes are being offered pursuant to CoreCivic’s effective shelf registration statement on Form S-3ASR, which became effective upon filing with the Securities and Exchange Commission on April 6, 2021. A preliminary prospectus supplement describing the terms of the offering has been filed with the Securities and Exchange Commission and is available at www.sec.gov. The offering may be made only by means of a prospectus supplement and the accompanying prospectus. Copies of the preliminary prospectus supplement and accompanying prospectus relating to this offering may be obtained at Imperial Capital, LLC, 10100 Santa Monica Boulevard, Suite 2400, Los Angeles, CA 90067, Attn: Prospectus Department, or by telephone at (310) 246-3700.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

This press release includes forward-looking statements regarding CoreCivic’s intention to issue the Additional Notes and its intended use of the net proceeds from the issuance of the Additional Notes. These forward-looking statements may be affected by risks and uncertainties in CoreCivic’s business and market conditions. This information is qualified in its entirety by cautionary statements and risk factor disclosures contained in CoreCivic’s Securities and Exchange Commission filings, including CoreCivic’s annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as the risks identified in the preliminary prospectus supplement and the accompanying prospectus relating to the offering. CoreCivic wishes to caution readers that certain important factors may have affected and could in the future affect CoreCivic’s actual results and could cause CoreCivic’s actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of CoreCivic, including the risk that the offering of the Additional Notes cannot be successfully completed. CoreCivic undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

About CoreCivic

CoreCivic is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. CoreCivic provides a broad range of solutions to government partners that serve the public good through corrections and detention management, a network of residential reentry centers to help address America’s recidivism crisis, and government real estate solutions. CoreCivic is the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believes it is the largest private owner of real estate used by government agencies in the U.S. CoreCivic has been a flexible and dependable partner for government for more than 35 years. CoreCivic’s employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good.

Contact:

Investors: Cameron Hopewell – Managing Director, Investor Relations – (615) 263-3024 Media: Steve Owen – Vice President, Communications – (615) 263-3107

CoreCivic Announces Upsizing and Pricing of Tack-On Offering of $225 Million 8.25% Senior Notes Due 2026

 

BRENTWOOD, Tenn., Sept. 22, 2021 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (the Company) announced today that it successfully upsized and priced its offering of an additional $225,000,000 aggregate principal amount of CoreCivic’s 8.25% senior unsecured notes due 2026 (the “Additional Notes”). The aggregate principal amount of the Additional Notes to be issued in the offering was increased to $225 million from the previously announced $100 million. The Additional Notes were priced at 102.25% of their aggregate principal amount, plus accrued interest from April 14, 2021, the issue date for CoreCivic’s previously issued $450 million aggregate principal amount of 8.25% senior unsecured notes due 2026 (the “Existing Notes”). The Additional Notes will have an effective yield to maturity of 7.65% and will constitute a single class of securities with the Existing Notes.

The Additional Notes will be senior unsecured obligations of CoreCivic and will be guaranteed on a senior unsecured basis by all of CoreCivic’s subsidiaries that guarantee its senior secured credit facilities, the Existing Notes and its other indebtedness. The aggregate net proceeds from the sale of the Additional Notes are expected to be approximately $225.5 million, after deducting the underwriting discounts and estimated offering expenses. CoreCivic intends to use the net proceeds from the offering of the Additional Notes for general corporate purposes, which may include purchasing CoreCivic’s existing $174.0 million principal amount of 4.625% senior notes due 2023 and CoreCivic’s existing $250.0 million principal amount of 4.75% senior notes due 2027 in open market or privately negotiated transactions, and/or repayment of amounts outstanding under CoreCivic’s revolving credit facility, Term Loan A or Term Loan B. To the extent CoreCivic repays amounts outstanding under its revolving credit facility, such amounts may be reborrowed. There can be no assurance that the offering of the Additional Notes will be consummated.

Imperial Capital is acting as left lead underwriter, StoneX Financial Inc. is acting as joint lead arranger, and Wedbush Securities Inc. is acting as co-manager for the offering.

The Additional Notes are being offered pursuant to CoreCivic’s effective shelf registration statement on Form S-3ASR, which became effective upon filing with the Securities and Exchange Commission on April 6, 2021. A preliminary prospectus supplement describing the terms of the offering has been filed with the Securities and Exchange Commission and is available at www.sec.gov. The offering may be made only by means of a prospectus supplement and the accompanying prospectus. Copies of the preliminary prospectus supplement and accompanying prospectus relating to this offering may be obtained at Imperial Capital, LLC, 10100 Santa Monica Boulevard, Suite 2400, Los Angeles, CA 90067, Attn: Prospectus Department, or by telephone at (310) 246-3700.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

This press release includes forward-looking statements regarding CoreCivic’s intention to issue the Additional Notes and its intended use of the net proceeds from the issuance of the Additional Notes. These forward-looking statements may be affected by risks and uncertainties in CoreCivic’s business and market conditions. This information is qualified in its entirety by cautionary statements and risk factor disclosures contained in CoreCivic’s Securities and Exchange Commission filings, including CoreCivic’s annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as the risks identified in the preliminary prospectus supplement and the accompanying prospectus relating to the offering. CoreCivic wishes to caution readers that certain important factors may have affected and could in the future affect CoreCivic’s actual results and could cause CoreCivic’s actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of CoreCivic, including the risk that the offering of the Additional Notes cannot be successfully completed. CoreCivic undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

About CoreCivic

CoreCivic is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. CoreCivic provides a broad range of solutions to government partners that serve the public good through corrections and detention management, a network of residential reentry centers to help address America’s recidivism crisis, and government real estate solutions. CoreCivic is the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believes it is the largest private owner of real estate used by government agencies in the U.S. CoreCivic has been a flexible and dependable partner for government for more than 35 years. CoreCivic’s employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good.

Contact:

Investors: Cameron Hopewell – Managing Director, Investor Relations – (615) 263-3024 Media: Steve Owen – Vice President, Communications – (615) 263-3107

Thursday, September 23, 2021

The GEO Group, Inc. (GEO)
Title 42 Ruling; Contract Update

With over 94,000 beds owned, leased or managed across its business lines and serving over 260,000 people daily, GEO is a leading provider of mission critical real estate to its governmental partners. The Company is the first fully integrated equity REIT specializing in the design, financing, development, and operation of secure facilities, processing centers, and community reentry centers in the U.S., Australia, South Africa, and the U.K.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Title 42 Ruling. Last week U.S. District Judge Emmet Sullivan blocked the Federal government from expelling migrant families from the United States under “Title 42.” The order takes effect in 14 days. The government has filed a notice of appeal to the United States Court of Appeals for the District of Columbia Circuit. If upheld, the elimination of Title 42 expulsions could increase demand for GEO beds.


Key Points.  In a 58-page ruling, Judge Sullivan found that the Title 42 policy does not authorize the expulsion of migrants and therefore does not allow for those removed to be denied the opportunity to seek asylum in the U.S. While the ruling applies to families, many of whom are already being allowed to stay in the U.S., if Title 42 does not authorize the expulsion of families one can see the …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Thursday, September 23, 2021

CoreCivic, Inc. (CXW)
Title 42 Ruling; Contract Updates

CoreCivic is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through corrections and detention management, a growing network of residential reentry centers to help address America’s recidivism crisis, and government real estate solutions. We are a publicly traded real estate investment trust and the nation’s largest owner of partnership correctional, detention and residential reentry facilities. We also believe we are the largest private owner of real estate used by U.S. government agencies. The Company has been a flexible and dependable partner for government for more than 35 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Title 42 Ruling. Last week U.S. District Judge Emmet Sullivan blocked the Federal government from expelling migrant families from the United States under “Title 42.” The order takes effect in 14 days. The government has filed a notice of appeal to the United States Court of Appeals for the District of Columbia Circuit. If upheld, the elimination of Title 42 expulsions could increase demand for CoreCivic beds.


Key Points.  In a 58-page ruling, Judge Sullivan found that the Title 42 policy does not authorize the expulsion of migrants and therefore does not allow for those removed to be denied the opportunity to seek asylum in the U.S. While the ruling applies to families, many of whom are already being allowed to stay in the U.S., if Title 42 does not authorize the expulsion of families one can see the …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

CoreCivic Announces Proposed Tack-On Offering of $100 Million of 8.25% Senior Notes Due 2026

 

BRENTWOOD, Tenn., Sept. 22, 2021 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (the Company) announced today that it intends to offer an additional $100,000,000 aggregate principal amount of its 8.25% senior unsecured notes due 2026 (the “Additional Notes”), subject to market and other customary conditions. CoreCivic’s previously issued $450 million aggregate principal amount of 8.25% senior unsecured notes due 2026 (the “Existing Notes”) and the Additional Notes will constitute a single class of securities. The Additional Notes will be senior unsecured obligations of CoreCivic and will be guaranteed on a senior unsecured basis by all of CoreCivic’s subsidiaries that guarantee its senior secured credit facilities, the Existing Notes and its other indebtedness. CoreCivic intends to use the net proceeds from the offering of the Additional Notes for general corporate purposes, which may include purchasing CoreCivic’s existing $174.0 million principal amount of 4.625% senior notes due 2023 and CoreCivic’s existing $250.0 million principal amount of 4.75% senior notes due 2027 in open market or privately negotiated transactions, and/or repayment of amounts outstanding under CoreCivic’s revolving credit facility, Term Loan A or Term Loan B. To the extent CoreCivic repays amounts outstanding under its revolving credit facility, such amounts may be reborrowed. There can be no assurance that the offering of the Additional Notes will be consummated.

Imperial Capital is acting as left lead underwriter, StoneX Financial Inc. is acting as joint lead arranger, and Wedbush Securities Inc. is acting as co-manager for the offering.

The Additional Notes are being offered pursuant to CoreCivic’s effective shelf registration statement on Form S-3ASR, which became effective upon filing with the Securities and Exchange Commission on April 6, 2021. A preliminary prospectus supplement describing the terms of the offering has been filed with the Securities and Exchange Commission and is available at www.sec.gov. The offering may be made only by means of a prospectus supplement and the accompanying prospectus. Copies of the preliminary prospectus supplement and accompanying prospectus relating to this offering may be obtained at Imperial Capital, LLC, 10100 Santa Monica Boulevard, Suite 2400, Los Angeles, CA 90067, Attn: Prospectus Department, or by telephone at (310) 246-3700.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

This press release includes forward-looking statements regarding CoreCivic’s intention to issue the Additional Notes and its intended use of the net proceeds from the issuance of the Additional Notes. These forward-looking statements may be affected by risks and uncertainties in CoreCivic’s business and market conditions. This information is qualified in its entirety by cautionary statements and risk factor disclosures contained in CoreCivic’s Securities and Exchange Commission filings, including CoreCivic’s annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as the risks identified in the preliminary prospectus supplement and the accompanying prospectus relating to the offering. CoreCivic wishes to caution readers that certain important factors may have affected and could in the future affect CoreCivic’s actual results and could cause CoreCivic’s actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of CoreCivic, including the risk that the offering of the Additional Notes cannot be successfully completed. CoreCivic undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

About CoreCivic

CoreCivic is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. CoreCivic provides a broad range of solutions to government partners that serve the public good through corrections and detention management, a network of residential reentry centers to help address America’s recidivism crisis, and government real estate solutions. CoreCivic is the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believes it is the largest private owner of real estate used by government agencies in the U.S. CoreCivic has been a flexible and dependable partner for government for more than 35 years. CoreCivic’s employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good.

Contact:

Investors: Cameron Hopewell – Managing Director, Investor Relations – (615) 263-3024 Media: Steve Owen – Vice President, Communications – (615) 263-3107

CoreCivic Announces Proposed Tack-On Offering of $100 Million of 8.25% Senior Notes Due 2026

 

BRENTWOOD, Tenn., Sept. 22, 2021 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (the Company) announced today that it intends to offer an additional $100,000,000 aggregate principal amount of its 8.25% senior unsecured notes due 2026 (the “Additional Notes”), subject to market and other customary conditions. CoreCivic’s previously issued $450 million aggregate principal amount of 8.25% senior unsecured notes due 2026 (the “Existing Notes”) and the Additional Notes will constitute a single class of securities. The Additional Notes will be senior unsecured obligations of CoreCivic and will be guaranteed on a senior unsecured basis by all of CoreCivic’s subsidiaries that guarantee its senior secured credit facilities, the Existing Notes and its other indebtedness. CoreCivic intends to use the net proceeds from the offering of the Additional Notes for general corporate purposes, which may include purchasing CoreCivic’s existing $174.0 million principal amount of 4.625% senior notes due 2023 and CoreCivic’s existing $250.0 million principal amount of 4.75% senior notes due 2027 in open market or privately negotiated transactions, and/or repayment of amounts outstanding under CoreCivic’s revolving credit facility, Term Loan A or Term Loan B. To the extent CoreCivic repays amounts outstanding under its revolving credit facility, such amounts may be reborrowed. There can be no assurance that the offering of the Additional Notes will be consummated.

Imperial Capital is acting as left lead underwriter, StoneX Financial Inc. is acting as joint lead arranger, and Wedbush Securities Inc. is acting as co-manager for the offering.

The Additional Notes are being offered pursuant to CoreCivic’s effective shelf registration statement on Form S-3ASR, which became effective upon filing with the Securities and Exchange Commission on April 6, 2021. A preliminary prospectus supplement describing the terms of the offering has been filed with the Securities and Exchange Commission and is available at www.sec.gov. The offering may be made only by means of a prospectus supplement and the accompanying prospectus. Copies of the preliminary prospectus supplement and accompanying prospectus relating to this offering may be obtained at Imperial Capital, LLC, 10100 Santa Monica Boulevard, Suite 2400, Los Angeles, CA 90067, Attn: Prospectus Department, or by telephone at (310) 246-3700.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

This press release includes forward-looking statements regarding CoreCivic’s intention to issue the Additional Notes and its intended use of the net proceeds from the issuance of the Additional Notes. These forward-looking statements may be affected by risks and uncertainties in CoreCivic’s business and market conditions. This information is qualified in its entirety by cautionary statements and risk factor disclosures contained in CoreCivic’s Securities and Exchange Commission filings, including CoreCivic’s annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as the risks identified in the preliminary prospectus supplement and the accompanying prospectus relating to the offering. CoreCivic wishes to caution readers that certain important factors may have affected and could in the future affect CoreCivic’s actual results and could cause CoreCivic’s actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of CoreCivic, including the risk that the offering of the Additional Notes cannot be successfully completed. CoreCivic undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

About CoreCivic

CoreCivic is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. CoreCivic provides a broad range of solutions to government partners that serve the public good through corrections and detention management, a network of residential reentry centers to help address America’s recidivism crisis, and government real estate solutions. CoreCivic is the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believes it is the largest private owner of real estate used by government agencies in the U.S. CoreCivic has been a flexible and dependable partner for government for more than 35 years. CoreCivic’s employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good.

Contact:

Investors: Cameron Hopewell – Managing Director, Investor Relations – (615) 263-3024 Media: Steve Owen – Vice President, Communications – (615) 263-3107

CoreCivic Enters Into New Lease Agreement with the State of New Mexico at the Northwest New Mexico Correctional Center

 

BRENTWOOD, Tenn., Sept. 21, 2021 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (the Company) announced today that it has entered into a new three-year lease agreement with the State of New Mexico at the Company’s 596-bed Northwest New Mexico Correctional Center. CoreCivic currently operates the Northwest New Mexico Correctional Center under a contract with New Mexico and will transition facility operations to the New Mexico Corrections Department when the new lease agreement commences on November 1, 2021. CoreCivic will retain responsibility for facility maintenance throughout the term of the lease. The new lease agreement includes automatic extension options that could extend the term of the lease through October 31, 2041.

Damon T. Hininger, CoreCivic’s President and Chief Executive Officer, said, “We are pleased to have successfully responded to the shifting needs of our government partners in New Mexico, which will allow them to continue to utilize our Northwest New Mexico Correctional Center while the New Mexico Corrections Department directly provides facility-level operations. Under the new agreement, the state will maintain access to critical capacity, we will generate fixed monthly payments under the lease, and our facility employees will be provided the opportunity to retain employment at the facility with the New Mexico Corrections Department. Including this new agreement, we lease five correctional facilities to five different states through our Properties segment. We believe solutions like this provide our government partners with increased flexibility and value.”

The average annual rent for the initial three-year lease term is $3.2 million, including annual rent of $4.2 million in the second and third years of the lease, with annual escalators thereafter. For the six months ended June 30, 2021, the Northwest New Mexico Correctional Center generated revenue of $5.3 million and incurred a facility net operating loss of $1.3 million.

About CoreCivic

CoreCivic is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. CoreCivic provides a broad range of solutions to government partners that serve the public good through corrections and detention management, a network of residential reentry centers to help address America’s recidivism crisis, and government real estate solutions. CoreCivic is the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believes it is the largest private owner of real estate used by government agencies in the U.S. CoreCivic has been a flexible and dependable partner for government for more than 35 years. CoreCivic’s employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good.

Forward-Looking Statements

This press release contains statements as to our beliefs and expectations of the outcome of future events that are “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include, but are not limited to, the risks and uncertainties associated with: (i) changes in government policy (including the United States Department of Justice, or DOJ, not renewing contracts as a result of President Biden’s Executive Order on Reforming Our Incarceration System to Eliminate the Use of Privately Operated Criminal Detention Facilities) (two agencies of the DOJ, the United States Federal Bureau of Prisons and the United States Marshals Service, utilize our services), legislation and regulations that affect utilization of the private sector for corrections, detention, and residential reentry services, in general, or our business, in particular, including, but not limited to, the continued utilization of our correctional and detention facilities by the federal government, and the impact of any changes to immigration reform and sentencing laws (we do not, under longstanding policy, lobby for or against policies or legislation that would determine the basis for, or duration of, an individual’s incarceration or detention); (ii) our ability to obtain and maintain correctional, detention, and residential reentry facility management contracts because of reasons including, but not limited to, sufficient governmental appropriations, contract compliance, negative publicity and effects of inmate disturbances; (iii) changes in the privatization of the corrections and detention industry, the acceptance of our services, the timing of the opening of new facilities and the commencement of new management contracts (including the extent and pace at which new contracts are utilized), as well as our ability to utilize available beds; (iv) general economic and market conditions, including, but not limited to, the impact governmental budgets can have on our contract renewals and renegotiations, per diem rates, and occupancy; (v) fluctuations in our operating results because of, among other things, changes in occupancy levels, competition, contract renegotiations or terminations, increases in costs of operations, fluctuations in interest rates and risks of operations; (vi) the duration of the federal government’s denial of entry at the United States southern border to asylum-seekers and anyone crossing the southern border without proper documentation or authority in an effort to contain the spread of COVID-19; (vii) government and staff responses to staff or residents testing positive for COVID-19 within public and private correctional, detention and reentry facilities, including the facilities we operate; (viii) restrictions associated with COVID-19 that disrupt the criminal justice system, along with government policies on prosecutions and newly ordered legal restrictions that affect the number of people placed in correctional, detention, and reentry facilities, including those associated with a resurgence of COVID-19; (ix) whether revoking our real estate investment trust, or REIT, election, effective January 1, 2021, and our revised capital allocation strategy can be implemented in a cost effective manner that provides the expected benefits, including facilitating our planned debt reduction initiative and planned return of capital to shareholders; (x) our ability to successfully identify and consummate future development and acquisition opportunities and our ability to successfully integrate the operations of our completed acquisitions and realize projected returns resulting therefrom; (xi) our ability, following our revocation of our REIT election, to identify and initiate service opportunities that were unavailable under the REIT structure; (xii) our ability to have met and maintained qualification for taxation as a REIT for the years we elected REIT status; and (xiii) the availability of debt and equity financing on terms that are favorable to us, or at all. Other factors that could cause operating and financial results to differ are described in the filings we make from time to time with the Securities and Exchange Commission.

CoreCivic takes no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services.

Contact:

Investors: Cameron Hopewell – Managing Director, Investor Relations – (615) 263-3024 Media: Steve Owen – Vice President, Communications – (615) 263-3107