| Schedule of Debt Outstanding |
Debt outstanding as of September 30, 2024 and December 31, 2023 consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Revolving Credit Facility maturing October 2028. Interest
payable periodically at variable interest rates. |
|
$ |
— |
|
|
$ |
— |
|
Term Loan maturing October 2028. Interest payable
periodically at variable interest rates. The rate at
September 30, 2024 and December 31, 2023 was 7.8%
and 8.7%, respectively. Unamortized debt issuance
costs amounted to $1.3 million and $1.5 million at
September 30, 2024 and December 31, 2023, respectively. |
|
|
120,312 |
|
|
|
125,000 |
|
4.75% Senior Notes maturing October 2027. Unamortized debt
issuance costs amounted to $1.2 million and $1.5 million at
September 30, 2024 and December 31, 2023, respectively. |
|
|
243,068 |
|
|
|
243,068 |
|
8.25% Senior Notes maturing April 2026. Unamortized debt
issuance costs amounted to $5.8 million at December 31, 2023.
The 8.25% Senior Notes were redeemed on April 15, 2024, as
further described below. |
|
|
— |
|
|
|
593,113 |
|
8.25% Senior Notes maturing April 2029. Unamortized debt
issuance costs amounted to $8.2 million at September 30, 2024. |
|
|
500,000 |
|
|
|
— |
|
4.43% Lansing Correctional Facility Non-Recourse Mortgage
Note maturing January 2040. Unamortized debt issuance
costs amounted to $2.5 million and $2.6 million at
September 30, 2024 and December 31, 2023, respectively. |
|
|
141,536 |
|
|
|
145,510 |
|
Total debt |
|
|
1,004,916 |
|
|
|
1,106,691 |
|
Unamortized debt issuance costs |
|
|
(13,153 |
) |
|
|
(12,052 |
) |
Net unamortized original issue premium |
|
|
— |
|
|
|
434 |
|
Current portion of long-term debt |
|
|
(11,952 |
) |
|
|
(11,597 |
) |
Long-term debt, net |
|
$ |
979,811 |
|
|
$ |
1,083,476 |
|
|
| Schedule of Principal Payments |
Scheduled principal payments as of September 30, 2024 for the remainder of 2024, the next five years, and thereafter were as follows (in thousands):
|
|
|
|
|
2024 (remainder) |
|
$ |
2,936 |
|
2025 |
|
|
12,073 |
|
2026 |
|
|
15,701 |
|
2027 |
|
|
262,423 |
|
2028 |
|
|
97,995 |
|
2029 |
|
|
507,985 |
|
Thereafter |
|
|
105,803 |
|
Total debt |
|
$ |
1,004,916 |
|
|