CoreCivic Announces Upsizing and Pricing of $450 Million 8.25% Senior Notes Due 2026

 

BRENTWOOD, Tenn., April 15, 2021 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (the “Company”) closed its offering of $450,000,000 aggregate principal amount of 8.25% senior unsecured notes due 2026 (the “Notes”) on April 14, 2021. The Notes were priced at 99.0% of face value and have an effective yield to maturity of 8.50%. The aggregate net proceeds from the sale of the Notes are expected to be approximately $435.1 million, after deducting the original issuance and underwriting discounts and estimated offering expenses. CoreCivic is using a significant amount of the net proceeds from the offering of the Notes (i) to redeem all $250 million principal amount of its outstanding 5.00% senior notes due 2022 (the “2022 Senior Notes”), which have been called for redemption on May 14, 2021 by a redemption notice issued on April 14, 2021, including the payment of the applicable make-whole amount and accrued interest, and (ii) to otherwise repay or reduce its other indebtedness, which includes repurchasing approximately $128 million principal amount of the $350 million aggregate principal amount of 4.625% senior notes due 2023 (the “2023 Senior Notes”). Following the repurchases of the 2023 Senior Notes described in the preceding sentence, the outstanding principal balance of the 2023 Senior Notes will be approximately $222 million. CoreCivic may use any remaining proceeds for general corporate purposes.

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

The Notes were 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 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 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 it constitute a notice of redemption under the indenture governing the 2022 Senior Notes or the indenture governing the 2023 Senior Notes, 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 intended use of the remaining net proceeds from the issuance of the 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 for the fiscal year ended December 31, 2020, filed with the Securities and Exchange Commission on February 22, 2021, as well as the risks identified in the 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 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, April 15, 2021

Schwazze (SHWZ)
Call with Management

Medicine Man Technologies, Inc. is now operating under its new trade name, Schwazze. Schwazze is executing its strategy to become a leading vertically integrated cannabis holding company with a portfolio consisting of top-tier licensed brands spanning cultivation, extraction, infused-product manufacturing, dispensary operations, consulting, and a nutrient line. Schwazze leadership includes Colorado cannabis leaders with proven expertise in product and business development as well as top-tier executives from Fortune 500 companies. As a leading platform for vertical integration, Schwazze is strengthening the operational efficiency of the cannabis industry in Colorado and beyond, promoting sustainable growth and increased access to capital, while delivering best-quality service and products to the end consumer. The corporate entity continues to be named Medicine Man Technologies, Inc.

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

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

Management Q&A. We recently had an opportunity to conduct a question and answer session with Schwazze CEO Justin Dye and CFO Nancy Huber. The call covered a wide range of topics including the current state of the business, the Star Buds acquisition, the state of the Colorado market, the M&A pipeline, and the legislative environment. We came away impressed with the Schwazze story and the opportunities available to the Company.


M&A Integration and Synergies.  A key strength and differentiating factor of management, in our opinion, is bringing a “grocery store” mindset and operating model to the cannabis industry, which has much higher margins. Already, management has tripled Purplebees output and revenues and seen significant margin improvement in former Mesa retail dispensaries. This level of operating detail is being …

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 $450 Million 8.25% Senior Notes Due 2026

 

BRENTWOOD, Tenn., April 15, 2021 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (the “Company”) closed its offering of $450,000,000 aggregate principal amount of 8.25% senior unsecured notes due 2026 (the “Notes”) on April 14, 2021. The Notes were priced at 99.0% of face value and have an effective yield to maturity of 8.50%. The aggregate net proceeds from the sale of the Notes are expected to be approximately $435.1 million, after deducting the original issuance and underwriting discounts and estimated offering expenses. CoreCivic is using a significant amount of the net proceeds from the offering of the Notes (i) to redeem all $250 million principal amount of its outstanding 5.00% senior notes due 2022 (the “2022 Senior Notes”), which have been called for redemption on May 14, 2021 by a redemption notice issued on April 14, 2021, including the payment of the applicable make-whole amount and accrued interest, and (ii) to otherwise repay or reduce its other indebtedness, which includes repurchasing approximately $128 million principal amount of the $350 million aggregate principal amount of 4.625% senior notes due 2023 (the “2023 Senior Notes”). Following the repurchases of the 2023 Senior Notes described in the preceding sentence, the outstanding principal balance of the 2023 Senior Notes will be approximately $222 million. CoreCivic may use any remaining proceeds for general corporate purposes.

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

The Notes were 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 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 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 it constitute a notice of redemption under the indenture governing the 2022 Senior Notes or the indenture governing the 2023 Senior Notes, 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 intended use of the remaining net proceeds from the issuance of the 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 for the fiscal year ended December 31, 2020, filed with the Securities and Exchange Commission on February 22, 2021, as well as the risks identified in the 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 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

 

Harte Hanks Announces Opening of New State-of-the-Art Fulfillment and Distribution Facility in Kansas City, Kansas

 

New 297,000 Sq. Ft. Center with FDA/KDA Licensing Provides Food, OTC and Packaged Goods Product Storage and Distribution Capabilities

AUSTIN, Texas, April 15, 2021 /PRNewswire/ — Harte Hanks (Harte Hanks), a leading global customer experience company, today announced the opening of a new state-of-the-art fulfillment and distribution facility in Kansas City, Kansas.

This new location enables Harte Hanks’ clients to reach their customers with products in any region of the contiguous United States using standard ground transportation within three days, and outer regions such as Hawaii, Alaska and Puerto Rico within five days.

The Kansas City facility is expected to begin distributing over 20,000 packages a day, supporting the company’s move into eCommerce fulfillment. The facility expects to employ up to 125 professionals in various areas, including packaging, warehousing, logistics, and sales in both new and existing job opportunities.

Harte Hanks chose the Kansas City area to enable existing employees to access the new operation easily and to tap into the skilled workforce in the Kansas City marketplace as the company grows.

Brian Linscott, Harte Hanks’ Chief Operating Officer, said, “We are excited to expand our Fulfillment footprint, retain our highly skilled Kansas City team, and leverage the central distribution location to create efficient solutions for current and new customers.”

The facility, which features leading-edge digital print and packaging capabilities, is registered with the FDA and the Kansas Department of Agriculture to store and distribute packaged food products. These features, along with the facility’s grade A National Sanitation Foundation (NSF) certification, ensure that products and brands will be stored and shipped using the highest sanitation and food safety standards. 

“Whether fulfilling OTC products like vitamins and supplements, coffees and teas, pet foods, snack foods, cereals, or any packaged food product, this state-of-the-art temperature-controlled facility ensures that your product is delivered quickly and safely to your most desired customer,” said Pat O’Brien, Managing Director of Harte Hanks’ Fulfillment and Logistics business. “Our Marketing Services capabilities also provide clients with the ability to manage their digital storefront, end to end, making our offer highly differentiated.”    

Mr. O’Brien noted, for example, the facility’s ability to deliver fast and easy “smart sampling” options for customers. “Whether sampling packaged goods, pharmaceutical products, eCommerce goods or healthcare patient kits, the new facility’s central location can rapidly process and ship these products to customers in an incredibly effective manner that also provides significant cost savings.” 

About Harte Hanks

Harte Hanks (OTCMKTS: HRTH) is a global omnichannel customer experience company. We partner with clients to seamlessly manage experiences with their customers throughout the entire customer lifecycle through our marketing services, customer care, and fulfillment and logistics offerings. Harte Hanks works with some of the world’s most respected brands, including Bank of America, Cisco, IBM, Pfizer, Sony and Ford, among others. Headquartered in Austin, Texas, Harte Hanks has more than 2,000 employees in offices across the Americas, Europe and Asia Pacific.

For more information, visit hartehanks.com. 
For any questions, please contact Pat.Obrien@hartehanks.com

Images Available Upon Request

SOURCE Harte Hanks

Monday, April 12, 2021

CoreCivic, Inc. (CXW)
Contract Aging: A Deeper Dive

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.

A Deeper Dive. We took a deeper dive into CoreCivic’s ability to repay its debt. We believe the Company is well positioned to handle its debt under nearly any circumstance. Although the executive orders have increased uncertainty around CoreCivic’s business, we continue to believe, for a number of reasons, that the USMS issues will ultimately be resolved in a manner that the Company can live with.


A Stable Business.  In spite of the year-in and year-out changes to its business, including the loss of major customers in the past, CoreCivic generates a remarkably stable level of cash flows. We believe the long-term nature of many of its contracts help isolate the Company from a massive run-off of business in a short period of time …

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. 

Monday, April 12, 2021

The GEO Group, Inc. (GEO)
Contract Aging: A Deeper Dive

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.

A Deeper Dive. We took a deeper dive into GEO’s ability to repay its debt. We believe the Company is positioned to handle its debt under nearly any circumstance. Although the executive orders have increased uncertainty around GEO’s business, we continue to believe, for a number of reasons, that the USMS issues will ultimately be resolved in a manner that the Company can live with. While the loss of the BoP business will hurt, it is not fatal, in our view.


A Stable Business.  In spite of the year-in and year-out changes to its business, including the loss of customers in the past, GEO generates a remarkably stable level of cash flows. We believe the long-term nature of many of its contracts help isolate the Company from a massive run-off of business in a short period of time …

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 $450 Million 8.25% Senior Notes Due 2026

 

BRENTWOOD, Tenn., April 07, 2021 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (the “Company”) announced today that it successfully upsized and priced its offering of $450,000,000 aggregate principal amount of 8.25% senior unsecured notes due 2026 (the “Notes”). The aggregate principal amount of the Notes to be issued in the offering was increased to $450 million from the previously announced $400 million. The Notes were priced at 99.0% of face value and thus will have an effective yield to maturity of 8.50%. The aggregate net proceeds from the sale of the Notes are expected to be approximately $435.1 million, after deducting the underwriting discounts and estimated offering expenses. CoreCivic intends to use a significant amount of the net proceeds from the offering of the Notes (i) to redeem all $250 million principal amount of its outstanding 5.00% senior notes due 2022 (the “2022 Senior Notes”), including the payment of the applicable make-whole amount and accrued interest, and (ii) to otherwise repay or reduce its other indebtedness, which may include repurchasing or redeeming a portion of its $350 million principal amount of 4.625% senior notes due 2023 (the “2023 Senior Notes”). CoreCivic may use any remaining proceeds for general corporate purposes. There can be no assurance that the offering of the Notes, the redemption of the 2022 Senior Notes, or any other debt reduction will be consummated.

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

The 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 it constitute a notice of redemption under the indenture governing the 2022 Senior Notes or the indenture governing the 2023 Senior Notes, 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 Notes and its intended use of the net proceeds from the issuance of the 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 for the fiscal year ended December 31, 2020, filed with the Securities and Exchange Commission on February 22, 2021, 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 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 U.S. government agencies. 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. Learn more at www.corecivic.com.

Contact:

Investors: Cameron Hopewell
Managing Director, Investor Relations
(615) 263-3024

Media: Steve Owen
Vice President, Communications
(615) 263-3107

SOURCE: CoreCivic

Thursday, April 08, 2021

The GEO Group, Inc. (GEO)
Suspends Dividend; Evaluating Corporate Structure

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.

Dividend Suspension. In a not so surprising move, GEO Group announced it is immediately suspending the quarterly dividend. The suspension eliminates approximately $30 million in quarterly dividend payments. Management expects to use the dividend savings and lowered capital expenditure plans to repay a minimum of $125-$150 million of net debt in 2021.


Evaluating Corporate Structure.  The Company also announced it is undertaking an evaluation of the current REIT structure. The evaluation is expected to be completed in the fourth quarter of 2021. Obviously, uncertainty swirling around the current operating and the prosed increase in the corporate tax rate will both be important considerations …

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, April 08, 2021

CoreCivic, Inc. (CXW)
A Deal Can Be Done, But At What Cost?

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.

Note Offering. Yesterday, CoreCivic closed an upsized offering of $450 million senior unsecured notes due 2026. The proceeds will be used to repay the outstanding $250 million of 5% senior notes due 2022 and reduce other outstanding indebtedness, which may include redeeming a portion of the $350 million 4.625% senior notes due 2023. Net proceeds from the sale of the notes are expected to be approximately $435.1 million.


Cost? The debt sports a stated 8.25% interest rate, although given the price discount, the effective yield to maturity is 8.5%.  Obviously, a premium to the note that is being paid off. Nonetheless, in our opinion, the deal does demonstrate that CoreCivic can obtain financing, even in an uncertain operating environment. Assuming the entire $435 million was used to redeem the above outstanding debt …

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, April 08, 2021

The GEO Group, Inc. (GEO)
Suspends Dividend; Evaluating Corporate Structure

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.

Dividend Suspension. In a not so surprising move, GEO Group announced it is immediately suspending the quarterly dividend. The suspension eliminates approximately $30 million in quarterly dividend payments. Management expects to use the dividend savings and lowered capital expenditure plans to repay a minimum of $125-$150 million of net debt in 2021.


Evaluating Corporate Structure.  The Company also announced it is undertaking an evaluation of the current REIT structure. The evaluation is expected to be completed in the fourth quarter of 2021. Obviously, uncertainty swirling around the current operating and the prosed increase in the corporate tax rate will both be important considerations …

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 $450 Million 8.25% Senior Notes Due 2026

 

BRENTWOOD, Tenn., April 07, 2021 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (the “Company”) announced today that it successfully upsized and priced its offering of $450,000,000 aggregate principal amount of 8.25% senior unsecured notes due 2026 (the “Notes”). The aggregate principal amount of the Notes to be issued in the offering was increased to $450 million from the previously announced $400 million. The Notes were priced at 99.0% of face value and thus will have an effective yield to maturity of 8.50%. The aggregate net proceeds from the sale of the Notes are expected to be approximately $435.1 million, after deducting the underwriting discounts and estimated offering expenses. CoreCivic intends to use a significant amount of the net proceeds from the offering of the Notes (i) to redeem all $250 million principal amount of its outstanding 5.00% senior notes due 2022 (the “2022 Senior Notes”), including the payment of the applicable make-whole amount and accrued interest, and (ii) to otherwise repay or reduce its other indebtedness, which may include repurchasing or redeeming a portion of its $350 million principal amount of 4.625% senior notes due 2023 (the “2023 Senior Notes”). CoreCivic may use any remaining proceeds for general corporate purposes. There can be no assurance that the offering of the Notes, the redemption of the 2022 Senior Notes, or any other debt reduction will be consummated.

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

The 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 it constitute a notice of redemption under the indenture governing the 2022 Senior Notes or the indenture governing the 2023 Senior Notes, 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 Notes and its intended use of the net proceeds from the issuance of the 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 for the fiscal year ended December 31, 2020, filed with the Securities and Exchange Commission on February 22, 2021, 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 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 U.S. government agencies. 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. Learn more at www.corecivic.com.

Contact:

Investors: Cameron Hopewell
Managing Director, Investor Relations
(615) 263-3024

Media: Steve Owen
Vice President, Communications
(615) 263-3107

SOURCE: CoreCivic

 

CoreCivic Announces Proposed $400 Million Senior Notes Offering

 

BRENTWOOD, Tenn., April 07, 2021 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (the “Company”) announced today that it intends to offer $400,000,000 aggregate principal amount of senior unsecured notes due 2026 (the “Notes”), subject to market and other customary conditions. The 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 and its other indebtedness. CoreCivic intends to use a significant amount of the net proceeds from the offering of the Notes (i) to redeem all $250 million principal amount of its outstanding 5.00% senior notes due 2022 (the “2022 Senior Notes”), including the payment of the applicable make-whole amount and accrued interest, and (ii) to otherwise repay or reduce its other indebtedness, which may include repurchasing or redeeming a portion of its $350 million principal amount of 4.625% senior notes due 2023 (the “2023 Senior Notes”). CoreCivic may use any remaining proceeds for general corporate purposes. There can be no assurance that the offering of the Notes, the redemption of the 2022 Senior Notes, or any other debt reduction will be consummated.

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

The 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 it constitute a notice of redemption under the indenture governing the 2022 Senior Notes or the indenture governing the 2023 Senior Notes, 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 Notes and its intended use of the net proceeds from the issuance of the 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 for the fiscal year ended December 31, 2020, filed with the Securities and Exchange Commission on February 22, 2021, 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 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 U.S. government agencies. 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. Learn more at www.corecivic.com.

Contact:

Investors: Cameron Hopewell
Managing Director, Investor Relations
(615) 263-3024

Media: Steve Owen
Vice President, Communications
(615) 263-3107

SOURCE: CoreCivic

Wednesday, April 07, 2021

Kelly Services Inc. (KELYA)
Expands IT Staffing Capabilities with Acquisition of Softworld

Kelly Services Inc is a provider of workforce solutions and consulting and staffing services. The company’s operations are divided into three business segments namely Americas Staffing, Global Talent Solutions (“GTS”) and International Staffing. It provides staffing solutions through its branch networks in Americas and International operations and also provides a suite of innovative talent fulfilment and outcome-based solutions through GTS segment. Americas Staffing generates maximum revenue from its operations.

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

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

Softworld Acquisition. In its largest acquisition to date, Kelly is paying $215 million for Softworld, a leading technology staffing and workforce solutions firm serving clients across multiple end markets, including financial services, life sciences, aerospace, defense, insurance, retail, and IT consulting. The acquisition is in-line with Kelly’s goal of expanding offerings in faster growing, higher margin specialties.


Fast Growing, Award Winning Firm.  Softworld was named to Staffing Industry Analysts’ 2020 List of Largest US Staffing Firms. This marks the first time the firm made this list, and makes Softworld one of only seventeen companies that were named one of the Fastest Growing, as well as one of the Largest Staffing Firms in the US. Softworld also has received three consecutive ClearlyRated Best 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.