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CoreCivic obtains $250M term loan B

CoreCivic Inc. secured a $250.0 million, five-year senior secured term loan B, confirming an earlier report.

The loan bears interest equal to the London interbank offered rate plus 4.50%, with a 1.00% Libor floor. It will be secured by a first lien on certain of CoreCivic's real property assets, reflecting a loan-to-value of no greater than 80%.

The prison real estate investment trust said it will use the bulk of the net proceeds from the term loan to partially fund the redemption of $325.0 million of 4.125% senior notes due 2020 on Jan. 1, 2020.