Prison real estate investment trust CoreCivic Inc. is proposing a $250 million, five-year senior secured term loan B.

The loan will be secured by a first-priority lien on a select pool of real estate assets with active management contracts with U.S. state government partners, according to a release from Moody's.

The REIT will use the proceeds to repay amounts outstanding under its $325 million 4.125% senior notes due April 2020.