Latest news with #CreditAgreement
Business Wire
20 hours ago
- Business
- Business Wire
The GEO Group Closes Sale of Company-Owned Lawton Correctional Facility in Oklahoma for $312 Million
BOCA RATON, Fla.--(BUSINESS WIRE)-- The GEO Group, Inc. (NYSE: GEO) ('GEO' or the 'Company') announced today that on July 25, 2025, the Company completed the sale of the GEO-owned Lawton Correctional Facility (the 'Lawton Facility') located in Lawton, Oklahoma to the State of Oklahoma for $312 million and simultaneously transitioned the Lawton Facility operations to the Oklahoma Department of Corrections. As previously disclosed, GEO expects to use the net proceeds from the sale of the Lawton Facility to acquire the 770-bed Western Region Detention Facility located in San Diego, California in a like kind real estate property exchange expected to close on July 31, 2025, and to pay off additional senior secured debt, including the remaining balance of the Term Loan B outstanding under the Company's recently amended Credit Agreement. These transactions are expected to reduce GEO's total net debt to approximately $1.47 billion and position GEO to consider potential future capital returns. George C. Zoley, Executive Chairman of GEO, said, 'We believe that the successful sale of our Lawton Facility is representative of the intrinsic value of our Company-owned facilities, which now total approximately 50,000 beds. We believe this important transaction is a significant deleveraging event that further strengthens our balance sheet and represents an important step to position our Company to consider potential future capital returns. Our management team and Board of Directors remain focused on the disciplined allocation of capital to enhance long-term value for our shareholders.' About The GEO Group The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO's diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO's worldwide operations include the ownership and/or delivery of support services for 97 facilities totaling approximately 74,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 19,000 employees. Use of forward-looking statements This news release may contain 'forward-looking statements' within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the cautionary statements and risk factors contained in GEO's filings with the U.S. Securities and Exchange Commission including its Form 10-K, 10-Q and 8-K reports. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements and risk factors contained in GEO's filings with the U.S. Securities and Exchange Commission, including those referenced above. GEO disclaims any obligation to update or revise any forward-looking statements, except as required by law.
Business Wire
4 days ago
- Business
- Business Wire
AMC Entertainment Holdings, Inc. Announces Successful Closing of Comprehensive Refinancing Transactions that Strengthen the Balance Sheet and Position the Company to Prosper from Robust Box Office Rec
LEAWOOD, Kan.--(BUSINESS WIRE)--AMC Entertainment Holdings, Inc. (NYSE: AMC) ('AMC' or the 'Company') today announced the successful completion of a series of previously announced debt refinancing transactions with key creditor groups, including certain holders of its 7.5% Senior Secured Notes due 2029 (the 'Consenting 7.5% Noteholders'), certain holders of Muvico, LLC's 6.00%/8.00% Senior Secured Exchangeable Notes due 2030 (the 'Consenting Exchangeable Noteholders') and certain lenders of AMC's term loans outstanding under its existing credit agreement (the 'Credit Agreement,' and any such consenting lenders, the 'Consenting Term Loan Lenders') that materially strengthen the Company's capital structure and fortify the Company's balance sheet and financial flexibility. The transactions executed in accordance with the Transaction Support Agreement dated July 1, 2025, garnered overwhelming support from creditors, with approximately 90% of Term Loan holders under AMC's Credit Agreement delivering their consent. This support enabled AMC to quickly close the full suite of coordinated transactions, including new capital funding, significant debt reduction, and litigation resolution. Highlights of the now-completed transactions include: New Capital : The Consenting 7.5% Noteholders provided approximately $244 million in new financing and exchanged $590 million of existing notes for $857 million of new Senior Secured Notes due 2029. De-risking of 2026 Maturities : The $244 million of new financing will be used primarily to fully redeem AMC's 5.875% Senior Subordinated Notes and 10.0%/12.0% Cash/PIK Toggle Second Lien Subordinated Secured Notes, both due in 2026, and fund transaction expenses. Debt Reduction : $143 million of AMC's 6.00%/8.00% Senior Secured Exchangeable Notes due 2030, were equitized on July 1, 2025, with the potential to equitize up to a total of $337 million of existing debt, including approximately $194 million of new Senior Secured Exchangeable Notes due 2030 issued to the Consenting Exchangeable Noteholders in exchange for their existing notes. Litigation Resolution : Final dismissal of litigation brought by holders of AMC's 7.5% Senior Secured Notes due 2029. For more information, please refer to the Form 8-K filed by AMC today with the U.S. Securities and Exchange Commission and available on our website at Adam Aron, Chairman and CEO of AMC, commented, 'With the closing of these transformative transactions and the full redemption of our 2026 debt maturities, AMC is unquestionably on offense. Around 90% of our term loan lenders rallied behind this forward-looking plan, a level of support that demonstrates their tremendous confidence in the direction in which AMC is headed.' Aron continued, 'We are especially excited about our dramatic expansion plans for an increased number of premium large format and extra-large screens being offered by AMC and Odeon globally, along with our continued broad deployment of state-of-the-art laser projection technology. AMC Entertainment already offers more premium experiences than any other exhibitor on the planet, and we intend to further increase our lead in this area even that much more. Supported by a wide variety of marketing initiatives that are compelling in the value and messaging that they offer to moviegoers, our offering our guests the best possible experiences in often unique and particularly noteworthy theatres is the secret sauce that is key to our increasing success.' Aron concluded, 'Watch out world, AMC Entertainment is on the way back. With fresh capital secured, near-term debt maturities addressed, and with the overwhelming support of our lenders, we are operating from a clearly improved financial position. Combining our bold balance sheet transactions with the tailwinds of a resurgent box office both domestically and internationally, at AMC we look to the future with optimism, momentum and confidence.' About AMC Entertainment Holdings, Inc. AMC is the largest movie exhibition company in the United States, the largest in Europe and the largest throughout the world with approximately 870 theatres and 9,700 screens across the globe. AMC has propelled innovation in the exhibition industry by: deploying its signature power-recliner seats; delivering enhanced food and beverage choices; generating greater guest engagement through its loyalty and subscription programs, website, and mobile apps; offering premium large format experiences and playing a wide variety of content including the latest Hollywood releases and independent programming. For more information, visit Website Information This press release, along with other news about AMC, is available at We routinely post information that may be important to investors in the Investor Relations section of our website, We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD, and we encourage investors to consult that section of our website regularly for important information about AMC. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document. Investors interested in automatically receiving news and information when posted to our website can also visit to sign up for email alerts. Forward-Looking Statements This communication includes 'forward-looking statements' within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as 'may,' 'will,' 'forecast,' 'estimate,' 'project,' 'intend,' 'plan,' 'expect,' 'should,' 'believe' and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based only on the Company's current beliefs, expectations and assumptions regarding the future of the Company's business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions and speak only as of the date on which they are made. Examples of forward-looking statements include statements the Company makes regarding the terms of the transactions, which are highly uncertain; the Company's ability to otherwise refinance, extend, restructure or repay outstanding debt; its current and projected liquidity needs to operate its business and execute its strategy, and related use of cash; its ability to raise capital through equity issuances, asset sales or the incurrence of debt; the Company's expectations regarding its ability to continue as a going concern; retail and credit market conditions; higher cost of capital and borrowing costs; impairments; changes in general economic conditions; the impact of foreign exchange rates on the Company's financial performance; and the Company's inability to implement its business plan or meet or exceed its financial projections. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors, and are based on information available at the time the statements are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks, trends, uncertainties and other facts which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. For a detailed discussion of risks, trends and uncertainties facing the Company, see the section entitled 'Risk Factors' in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and Form 10-Q for the quarter ended March 31, 2025, each as filed with the SEC, and the risks, trends and uncertainties identified in the Company's other public filings. The Company does not intend, and undertakes no duty, to update any information contained herein to reflect future events or circumstances, except as required by applicable law.
Cision Canada
21-07-2025
- Business
- Cision Canada
Stampede Drilling Inc. Announces Credit Agreement Extension
CALGARY, AB, July 21, 2025 /CNW/ - Stampede Drilling Inc. ("Stampede" or the "Company") (TSXV: SDI) is pleased to announce that it has entered into an amending agreement (the "First Amending Agreement") to its amended and restated credit agreement with Royal Bank of Canada and The Toronto-Dominion Bank originally made as of September 20, 2023 and amended and restated as of August 21, 2024 (as amended by the First Amending Agreement, the "Credit Agreement"), extending the term of the Credit Agreement from September 20, 2026 to September 20, 2028. Under the Credit Agreement, Stampede has an available limit of $20 million under a non-revolving term loan (the "Term Loan Facility"), $15 million under a revolving credit facility (the "Syndicated Facility") and $15 million under an additional revolving credit facility (the "Operating Facility", and collectively with the Term Loan Facility and the Syndicated Facility, the "Credit Facilities"). The extended Credit Agreement provides Stampede financial flexibility and supports the execution of its strategic priorities, including disciplined growth and capital returns to shareholders. "We are encouraged by the ongoing confidence and robust support from our lending syndicate," said Lyle Whitmarsh, President, Chaiman and CEO. "In a constantly changing market environment, this extension strengthens our balance sheet and equips us with the necessary resources to pursue our disciplined capital allocation strategy. Additionally, it grants us valuable flexibility as we adapt to evolving conditions and explore opportunities to generate long-term value for our Shareholders." The principal amount outstanding under the Credit Facilities shall be repaid on or before September 20, 2028 (or such later dates as to which the maturity dates of each Credit Facility may be extended from time to time in accordance with the terms of the Credit Agreement), at an annual interest rate determined in connection with the performance of the Company in respect to certain financial covenants. The Credit Agreement provides for customary positive and negative covenants, including limitations and permitted dealings in respect of debt, acquisitions, dispositions, distributions and capital expenditures. FORWARD-LOOKING STATEMENTS Certain statements contained in this News Release constitute forward-looking statements or forward-looking information (collectively, "forward-looking information"). Forward-looking information relates to future events or the Company's future performance. All information other than statements of historical fact is forward-looking information. The use of any of the words "believe", "expect", "could", "shall" and similar expressions are intended to identify forward-looking information. This News Release contains forward-looking information pertaining to, among other things: the impacts and anticipated benefits of the First Amending Agreement; the use of proceeds of the Credit Facilities; and the annual interest rate applicable to the Credit Facilities. Forward-looking information is based on certain assumptions that the Company has made in respect thereof as at the date of this News Release regarding, among other things: that Stampede's businesses will continue to achieve sustainable financial results and that future results of operations will be consistent with past performance and management expectations in relation thereto; oil and gas industry exploration and development activity levels; prevailing commodity prices, interest rates, carbon prices, tax rates and exchange rates; future operating costs; and the availability of capital. While Stampede believes the expectations and material factors and assumptions reflected in the forward-looking information are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. Forward-looking information is not a guarantee of future performance and actual results or events could differ materially from the expectations of the Company expressed in or implied by such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information is subject to a number of known and unknown risks and uncertainties including, but not limited to: the condition of the global economy, including international tariffs, trade, inflation, the ongoing conflicts in Ukraine and the Middle East and other geopolitical risks; the condition of the crude oil and natural gas industry and related commodity prices; other commodity prices and the potential impact on the Company and the industry in which the Company operates, including levels of exploration and development activities; and certain other risks and uncertainties detailed in the Company's management's discussion and analysis and annual information form each dated March 13, 2025, for the year ended December 31, 2024, the Company's management's discussion and analysis dated May 15, 2025, and from time to time in Stampede's public disclosure documents available on SEDAR+ at This list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause actual results to differ materially from those predicted, forecasted, or projected. Statements, including forward-looking information, are made as of the date of this News Release and the Company does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. The forward-looking information contained in this News Release is expressly qualified by this cautionary statement. SOURCE Stampede Drilling Inc.
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Business Standard
17-07-2025
- Business
- Business Standard
Byju's founders plan $2.5 billion lawsuit against investors, lenders
The founders of embattled education technology company Byju's are preparing legal action seeking at least $2.5 billion in damages from investors and lenders they blame for harming their business and personal standing. The planned lawsuits target parties the founders say contributed to the downfall of Think & Learn, Byju's parent company, during a prolonged dispute over control of the startup. Some claims have already been filed in Indian courts against Glas Trust, a former subsidiary that now claims control over parts of the business. 'Byju's founders reserve all rights to bring actions against those parties that have caused damage to them personally and their businesses, including Think & Learn,' said J Michael McNutt, Senior Litigation Advisor, Lazareff Le Bars Eurl. 'The claims to be issued by all or some of Byju's founders are expected to request monetary damages of not less than $2.5 billion.' The legal offensive represents an escalation in the bitter fight that has engulfed one of India's most prominent startups. Byju's, once valued at $22 billion, has faced mounting financial pressures and regulatory scrutiny as disputes with investors intensified. This included a battle with US lenders who are demanding $1 billion in unpaid dues, triggering the firm's insolvency. The worth of what was once India's most valued startup is now zero, Raveendran told reporters recently, as he called for rebuilding the erstwhile empire from scratch, brick by brick. Byju's founders, Byju Raveendran and Divya Gokulnath, vigorously dispute all claims made against them by the Resolution Professional of Think & Learn in the Corporate Insolvency Resolution Process (CIRP) and by Glas Trust together with the bankrupt former Delaware subsidiary of Think & Learn Private Limited. In Indian courts, the founders are already contesting the commencement of the CIRP of Think & Learn Private Limited, the standing of Glas Trust in those proceedings, the removal of the Resolution Professional due to a conflict of interest, and other related complaints. The founders said there is no court order in any jurisdiction, including India or the United States, requiring the payment by Byju Raveendran or Divya Gokulnath of any amount to Think & Learn or any related entity, including but not limited to the bankrupt Delaware former subsidiary of Think & Learn Private Limited, Alpha Inc., now controlled by Glas Trust. In a legal response to court proceedings in India, the founders said the same parties have abusively commenced the liquidation of several subsidiaries of Think & Learn Private Limited. A former Delaware subsidiary, Alpha Inc., was placed into liquidation in February 2024 by a director appointed by Glas Trust after the lenders of a Credit Agreement took over Alpha Inc.'s shares in 2023. Byju's founders have disputed those actions and Glas Trust's ability to represent those lenders in proceedings in India and elsewhere. Delaware court proceedings Byju Raveendran said he is actively participating in a Delaware court procedure initiated in early April 2025 against him by the Glas Trust–bankrupt subsidiary. Raveendran disputes the jurisdiction of that court to determine the claims made against him. He also vigorously denies all allegations in those proceedings and said he is defending himself. Raveendran is also aware of the Order of Civil Contempt issued on 7 July 2025 in those Delaware proceedings and has sought reconsideration of that order. The Civil Contempt Order concerns requests for information that are duplicative of matters already before Indian courts. Byju and his counsel are addressing those matters in Indian courts as well. Raveendran said he and his counsel are evaluating how to address the order and reserve all rights. The other founder, Gokulnath, is also actively participating in the same Delaware court procedure initiated against her by the former subsidiary of Think & Learn Private Limited and Glas Trust. Gokulnath disputes the jurisdiction of that court to determine the claims made against her. She also vigorously denies all allegations.
Business Wire
14-07-2025
- Business
- Business Wire
The GEO Group Amends Senior Revolving Credit Facility
BOCA RATON, Fla.--(BUSINESS WIRE)-- The GEO Group, Inc. (NYSE: GEO) ('GEO' or the 'Company') announced today the closing of an amendment to the Company's Credit Agreement dated as of April 18, 2024 (the 'Amendment'). The Amendment increases GEO's Revolving Credit Facility (the 'Revolver') commitments from $310 million to $450 million and extends the Revolver's maturity to July 14, 2030. The Amendment further provides that interest will accrue on outstanding revolving credit loans at a rate determined with reference to the Company's total leverage ratio. As of today, revolving credit loans accruing interest at a SOFR based rate would accrue interest at the term SOFR reference rate for the applicable interest period plus 2.75% per annum, which is lower by 0.50% from the applicate rate prior to the Amendment. The Amendment also increases GEO's capacity to make restricted payments over the next five years. Prior to the closing of the Amendment, GEO repaid $132 million of the Term Loan B outstanding under the Credit Agreement. Further, as previously disclosed, GEO expects to use net proceeds from the sale of the GEO-owned Lawton Correctional Facility in Oklahoma, which is expected to close on July 25, 2025, to pay off additional senior secured debt, including the remaining balance of the Term Loan B outstanding under the Credit Agreement. These two transactions are expected to reduce GEO's total net debt to approximately $1.47 billion and position GEO to consider potential future capital returns. George C. Zoley, Executive Chairman of GEO, said, 'We are pleased with this recent amendment to upsize and extend our Revolving Credit Facility, which is an important step to position our Company to consider potential future capital returns and support our future financial needs. This transaction also shows the growing support we are receiving from our existing and new banking partners. Our management team and Board of Directors remain focused on the disciplined allocation of capital to enhance long-term value for our shareholders.' About The GEO Group The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO's diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO's worldwide operations include the ownership and/or delivery of support services for 98 facilities totaling approximately 77,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 19,000 employees. Use of forward-looking statements This news release may contain 'forward-looking statements' within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the cautionary statements and risk factors contained in GEO's filings with the U.S. Securities and Exchange Commission including its Form 10-K, 10-Q and 8-K reports. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements and risk factors contained in GEO's filings with the U.S. Securities and Exchange Commission, including those referenced above. GEO disclaims any obligation to update or revise any forward-looking statements, except as required by law.
