WASHINGTON (dpa-AFX) - Corrections Corporation of America (CXW) said Thursday that it has priced $325 million aggregate principal amount of its 4.125% senior notes due 2020 and $350 million aggregate principal amount of its 4.625% senior notes due 2023.
The closing of the sale of the new notes is expected to occur on April 4.
The company plans to use its net proceeds from the sale of the new notes to purchase, redeem or otherwise acquire all of its outstanding 7 3/4% Senior Notes due 2017 either pursuant to its concurrent tender offer for such notes or otherwise, to fund the payment in cash of up to 20% of its required distribution of C-corporation accumulated earnings and profits in connection with its REIT conversion, to pay other REIT conversion costs and for general corporate purposes.
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