GEO Group signs contract for continued management of Northwest Detention Center The GEO Group announced the signing of a new contract with U.S. Immigration and Customs Enforcement for the continued management of the company-owned, 1,575-bed Northwest Detention Center in Tacoma, Washington. The contract for the continued management of the Center will have a term of nine years and six months inclusive of renewal options. The Center is expected to generate approximately $57M in annualized revenues at full occupancy.
Iron Mountain announces debt offering Iron Mountain Incorporated announced a proposed private offering of $800M in aggregate principal amount of its Senior Notes due 2020. The Notes will be senior unsecured obligations of the company and will be guaranteed by certain of its subsidiaries. The company intends to use the net proceeds from the offering and borrowings under its revolving credit facility for the redemption of all of its outstanding 6.75% Euro Senior Subordinated Notes due 2018, 7.75% Senior Subordinated Notes due 2019 and 8.375% Senior Subordinated Notes due 2021. The exact terms and timing of the offering will depend upon market conditions and other factors.