The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”) has delivered a notice of redemption for all of the remaining $125,734,000 in outstanding aggregate principal amount of its 5.125% Senior Notes due April 1, 2023 (CUSIP No. 36159RAG8) (the “2023 Senior Notes”). The redemption of the 2023 Senior Notes will occur on October 6, 2022 (the “Redemption Date”).

The redemption price for the 2023 Senior Notes will be equal to $1,000 per $1,000 original principal amount, plus any accrued and unpaid interest up to, but excluding, the Redemption Date. GEO has deposited, with the trustee for the 2023 Senior Notes, the redemption price for the 2023 Senior Notes, using available cash on hand. As a result of such funding, the Indenture governing the 2023 Senior Notes has been discharged. Payment of the redemption price for the 2023 Senior Notes will be made through the Depository Trust Company.

George C. Zoley, Executive Chairman of GEO, said, “The redemption of our remaining 2023 Senior Notes is another important step towards addressing our near-term debt maturities. Along with our recently completed transactions to stagger our debt maturities over a longer period of time, we have now been able to reduce our outstanding debt due prior to 2026 to approximately $170 million. We remain focused on our goal of reducing net recourse debt by $200­­–250 million annually and decreasing our net leverage to below 3.5 times Adjusted EBITDA by the end of 2023 and to below 3 times Adjusted EBITDA by the end of 2024. We remain optimistic that these important efforts have the potential to unlock additional equity value for our shareholders.”

About The GEO Group

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 102 facilities totaling approximately 82,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

Use of forward-looking statements

This news release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements, including our ability to redeem the 2023 Senior Notes on October 6, 2022, our ability to reduce net recourse debt by $200-250 million annually, and our ability to decrease net leverage at the anticipated rate over the next two years. Readers are strongly encouraged to read the full cautionary statements contained in GEO’s filings with the U.S. Securities and Exchange Commission. GEO disclaims any obligation to update or revise any forward-looking statements.

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