NASHVILLE, TN -- (Marketwire) -- 06/03/09 -- Corrections Corporation of America (NYSE: CXW) (the "Company" or "CCA"), announced today the completion of the public
offering of $465.0 million of its new 73/4% Senior Notes due 2017 (the "New
Notes"). The offering resulted in net proceeds to the Company, after
deducting underwriting discounts and estimated expenses, of approximately
$441.1 million.
The New Notes were sold under an automatically effective shelf registration
statement filed by the Company with the Securities and Exchange Commission.
J.P. Morgan Securities Inc., Banc of America Securities LLC and Wachovia
Capital Markets, LLC acted as joint book-running managers for the offering.
The Company also announced today that it has accepted for purchase $369.7
million aggregate principal amount, or 82.2%, of its 71/2% Senior Notes due
2011 (the "2011 Notes"), which were validly tendered by the June 2, 2009
consent date pursuant to the Company's previously announced cash tender
offer for any and all of its outstanding 2011 Notes (the "Offer"). The
Offer is scheduled to expire at 11:59 p.m., New York City time, on June 16,
2009, unless extended or earlier terminated. The Company has also called
for redemption at a price of par plus accrued interest on July 3, 2009 all
remaining 2011 Notes.
This press release is for informational purposes only and is not an offer
to buy or the solicitation of an offer to sell with respect to any
securities. The Offer is only being made pursuant to the terms of the Offer
to Purchase and Consent Solicitation Statement and the related Letter of
Transmittal and Consent, each dated as of May 19, 2009. The Offer is not
being made in any jurisdiction in which the making or acceptance thereof
would not be in compliance with the securities, blue sky or other laws of
such jurisdiction. None of CCA, the dealer manager, the information agent,
the depositary or their respective affiliates is making any recommendation
as to whether or not holders should tender all or any portion of their 2011
Notes in the Offer.
The Company has engaged J.P. Morgan Securities Inc. to act as dealer
manager and solicitation agent for the Offer, D.F. King & Co., Inc. to act
as information agent for the Offer and U.S. Bank National Association to
serve as depositary for the Offer. Requests for documents may be directed
to D.F. King & Co., Inc. at (800) 549-6746 (U.S. toll free), or in writing
to 48 Wall Street, New York, New York 10005. Questions regarding the Offer
may be directed to J.P. Morgan Securities Inc. at (212) 270-1477 (collect).
About CCA
CCA is the nation's largest owner and operator of privatized correctional
and detention facilities and one of the largest prison operators in the
United States, behind only the federal government and three states.
