logo
Plus   Neg
Share
Email

GEO Group Suspends Quarterly Dividend Payments - Quick Facts

The GEO Group, Inc. (GEO) said its Board has immediately suspended quarterly dividend payments. Also, the Board has determined to undertake an evaluation of GEO's structure as a Real Estate Investment Trust. The Board expects to conclude its evaluation in
the fourth quarter of 2021.

The company has cancelled approximately $35 million in capital expenditures previously planned for 2021. It has set a goal of repaying a minimum of $125-$150 million in net debt during 2021.

As of March 31, 2021, GEO had $291 million in cash on hand and approximately $209 million in borrowing capacity available under revolving credit facility, in addition to an accordion feature of $450 million under senior credit facility.

Shares of GEO Group were down 3% in pre-market trade on Wednesday.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Walt Disney World, the Orlando, Florida-based entertainment complex, is easing the health safety guidelines that were rolled out to prevent the spread of the ongoing COVID-19 pandemic. The complex is ending temperature checks in a phased manner following the advice of the Centers for Disease Control and Prevention (CDC) and local health officials. Frito-Lay North America, the convenient foods division of food and beverages giant PepsiCo, Inc., is recalling select Ruffles All Dressed Potato Chips citing the possible presence of undeclared milk ingredients, a known allergen, the U.S. Food and Drug Administration said. According to the agency, the recalled products may have distributed regionally to Walmart's Sam's Club Warehouses. Pfizer Inc. (PFE) and BioNTech SE (BNTX) announced Friday that they have initiated the Biologics License Application (BLA) process with the U.S. Food and Drug Administration (FDA) for approval of their mRNA vaccine to prevent COVID-19 in individuals 16 years of age and older. The companies initiated...
Follow RTT