GEO Group Inc. closed its offering of about A$461.6 million of nonrecourse senior secured notes due 2042.

Ravenhall Finance Co. Pty. Ltd. issued the amortizing notes in a private placement with a coupon and yield to maturity of 4.23%.

Proceeds from the notes, which have an expected final maturity date of March 31, 2042, were used to refinance the outstanding nonrecourse senior secured debt balance related to the development of the Ravenhall Correctional Centre in Australia.

Barclays acted as lead placement agent for the offering.

Ravenhall Correctional Centre is a 1,300-bed facility operated by GEO Group Australia Pty. Ltd. under a 25-year contract with the state of Victoria.

GEO Australia developed the $700 million project in collaboration with John Holland Construction and Honeywell. The project was financed under a public-private partnership structure, which included an approximate $90 million capital investment from GEO.