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Subsequent Events | 9 Months Ended
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Sep. 30, 2013
Subsequent Events [Abstract] |
Subsequent Events | SUBSEQUENT EVENTS Tender Offer and Consent Solicitation On September 19, 2013, the Company announced the commencement of a cash tender offer and consent solicitation for any and all of its outstanding $250.0 million aggregate principal amount of 7¾% Senior Notes. Holders who validly tendered their 7¾% Senior Notes prior to 5:00 p.m. Eastern Standard time on October 2, 2013 (“Consent Payment Deadline”), received a cash payment of $1,013.45 for each $1,000 principal amount of notes, which included a consent payment of $30.00 per $1,000 principal amount of notes. Holders of the 7¾% Senior Notes accepted for purchase received accrued and unpaid interest up to, but not including, the applicable payment date. Valid early tenders received by the Company represented $209.1 million aggregate principal amount of the 7¾% Senior Notes which was 83.6% of the outstanding principal balance. The Company settled these notes on October 3, 2013. There were no holders who tendered their notes after the Consent Payment Deadline, but before the expiration date of 11:59 p.m., Eastern Standard time on October 17, 2013 (the "Expiration Date") who would have otherwise been entitled to receive $1,013.45 per $1,000 principal amount of notes. On November 4, 2013, the Company completed the redemption of the remaining 7¾% Senior Notes in connection with the terms of the notice of redemption delivered to the noteholders pursuant to the terms of the indenture governing the 7¾% Senior Notes. As a result of the tender offer and redemption, the Company incurred a loss of $17.4 million related to the tender premium and deferred costs associated with the 7¾% Senior Notes. This loss was partially offset by proceeds of $4.0 million received for the settlement of the four interest rate swaps related to the 7¾% Senior Notes. Refer to Note 9 - Derivative Financial Instruments. The Company financed the tender offer and redemption with the net cash proceeds from its offering of $250.0 million aggregate principal amount of the 5 7/8% Senior Notes which closed on October 3, 2013 and cash on hand. The 5 7/8% Senior Notes will mature on January 15, 2022 and have a coupon rate and yield to maturity of 5 7/8%. Interest is payable semi-annually in arrears on January 15 and July 15, commencing on January 15, 2014. Refer to Note 11 - Debt. Contract Awards and Terminations On October 17, 2013, GEO announced that it had received a notice of intent to award a contract from the Florida Department of Management Services for the management of the 1,884-bed Graceville Correctional Facility. The managed-only agreement will have a contract term of three years, with successive two-year renewal option periods, effective February 1, 2014. On October 21, 2013, GEO announced that it had signed a new contract, effective from November 1, 2013 through June 30, 2018, with the California Department of Corrections and Rehabilitation for the housing of up to 700 California inmates at the company-owned Golden State Modified Community Correctional Facility located in McFarland, California. The new agreement, which will replace the GEO's existing contract at the facility that was previously effective through June 30, 2016, will expand the Facility's contract capacity by 100-beds. On October 23, 2013, GEO announced that it has received a notice of award for two contracts from the Florida Department of Management Services for the management of the 985-bed Moore Haven Correctional Facility and the 985-bed Bay Correctional Facility. The managed-only agreements will have contract terms of three years, with successive two-year renewal option periods, effective February 1, 2014. On November 1, 2013, GEO terminated the contract for the management of the county-owned 688-bed Maverick County Detention Center located in Maverick, Texas. The termination of this managed-only contract did not have a material impact on the Company's financial position, results of operations and/or cash flows. Dividend On November 1, 2013, the Board of Directors declared a quarterly cash dividend of $0.55 per share of common stock, which is to be paid on November 26, 2013 to shareholders of record as of the close of business on November 14, 2013. Other Refer to Note 9- Derivative Financial Instruments and Note 11- Debt for additional subsequent event information regarding the Company's interest rate swap agreements and GEOAmey line of credit, respectively.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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