Prison real estate investment trust CoreCivic Inc. is proposing a $250 million senior secured term loan due 2026.

The net proceeds will go toward repaying about $214 million of outstanding debt under the REIT's revolving credit facility, as well as for general corporate purposes, according to S&P Global Ratings.

The rating agency assigned a BBB- issue-level rating to the proposed term loan, with a recovery rating of 1.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.