Prison Realty's bank debt notched up a couple of ticks to 94 last week in a $5 million trade. Dealers said a need for paper that isn't in the telecom sector has helped support levels, but buyers and sellers could not be determined by press time. The company is based in Nashville, Tenn., and constructs and sells prisons. It also goes by the name Corrections Corporation of America. Calls to a company spokeswoman were not returned by press time.
The company's bank debt traded into the low 90s from the 70s range, dealers reported (LMW, 3/11). Prison Realty has a $1 billion deal that breaks down into three tranches and expires in 2003. Pricing on the revolver is LIBOR plus 31/4 % and LIBOR plus 4% on the term loan. Lehman Brothers, Société Générale, and Bank of Nova Scotia are the lead arrangers.