CoreCivic entered into a new $250 million senior secured term loan B.

The new term loan bears interest at a rate of LIBOR plus 4.50%, with a 1.00% LIBOR floor, and has a five-year maturity. the term loan will be secured by a first lien on certain specified real property assets of the company, representing a loan-to-value of no greater than 80%. the company can generally prepay the term loan at any time without premium or penalty.

According to a related 8-K filing, Nomura Corporate Funding Americas, is serving asadministrative agent for the lenders.

The company intends to use substantially all of the net proceeds from the term loan to fund a portion of the previously announced redemption of the company’s $325 million in aggregate principal amount of 4.125% senior notes due on January 1, 2020.

The Company is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways.