GEO Group closes refinancing for Ravenhall prison PPP

Subscribe to our newsletter and get the latest news and business opportunities in your inbox

The GEO Group has closed an offering of AUD461,558,749 (US$319.85 million) aggregate principal amount of non-recourse senior secured notes due 2042 (the Notes). The amortizing Notes were issued by Ravenhall Finance Co Pty Limited in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. The Notes were issued with a coupon and yield to maturity of 4.23% and an expected final maturity date of March 31, 2042. The net proceeds from this offering were used to refinance the outstanding non-recourse senior secured debt balance associated with the development of the Ravenhall Correctional Centre in Australia.

The 1,300-bed Ravenhall Correctional Centre was developed by a GEO led consortium comprised of GEO’s wholly-owned subsidiary, The GEO Group Australia Pty. Ltd. (GEO Australia), John Holland Construction, and Honeywell under a contract with the State of Victoria. The US$700 million project was financed under a Public-Private Partnership structure, which included a capital investment from GEO of approximately US$90 million with returns on investment consistent with GEO’s company-owned facilities. GEO Australia operates the Centre, which opened in late 2017, under a 25-year contract with the State of Victoria.

Barclays acted as lead placement agent for the offering, while Allens has advised The Geo Group on the refinancing of the project by the way of long-term US Private Placement. 

List of the country updates

Country updates

  • May 29, 2019

    Refinancing of Ravenhall prison project completed

    The GEO Consortium has completed successful refinancing of the Ravenhall Prison Public-Private Partnership (PPP), by way of a long-term US Private Placement. Allens has advised GEO consortium on the r...

    Read more
  • May 29, 2019

    First line of USD500m Light Rail project opens in Australia

    The Australian Capital Territory (ACT) Government has opened the first line of Light Rail project in Canberra for public use. The Canberra light rail line is the city´s first rail network a...

    Read more
  • May 24, 2019

    Infratil completes sale of ANU Student Accommodation concession

    Infratil confirms that the sale of its 50% interest in the Australian National University’s Purpose-Built Student Accommodation concession to funds controlled by AMP Capital has completed. A co-...

    Read more
  • May 24, 2019

    Australian Government seeks board members for Infrastructure WA

    The government of Western Australia has announced an expression of interest (EOI) seeking board members for the Infrastructure WA. Infrastructure WA is a statutory authority which will provide indepen...

    Read more
  • May 22, 2019

    Consultations held on USD34bn suburban rail project in Australia

    The Government of Victoria is in the process of detailed planning and investigations needed for the stakeholder engagement for the AUD50 billion (US$34.37 billion) Suburban Rail Loop project...

    Read more

Share this update