SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 21, 2003 (January 17, 2003)
Corrections Corporation of America
| Maryland | 0-25245 | 62-1763875 | ||
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| (State or other jurisdiction of | (Commission File | (I.R.S. Identification | ||
| incorporation) | Number) | Number) |
10 Burton Hills Boulevard, Nashville, Tennessee 37215
Registrant’s telephone number, including area code: (615) 263-3000
Not Applicable
| ITEM 5. Other Events. | ||||||||
| ITEM 7(c). Exhibits. | ||||||||
| SIGNATURES | ||||||||
| EXHIBIT INDEX | ||||||||
| AGREEMENT OF SALE AND PURCHASE | ||||||||
| PRESS RELEASE | ||||||||
ITEM 5. Other Events.
Purchase of Crowley County, Colorado Correctional Facility.
Corrections Corporation of America, a Maryland corporation (“CCA” or the “Company”), announced that it, through a wholly owned subsidiary, has purchased the Crowley County Correctional Facility, a 1,200 bed medium security adult male prison facility located in Olney Springs, Crowley County, Colorado, from a subsidiary of Reckson Associates Realty Corporation (“Reckson”) for a cash purchase price of approximately $47.5 million. The facility, which was constructed in 1998, currently houses approximately 985 inmates from the States of Colorado and Wyoming. As part of the transaction, CCA also acquired the management contracts related to the facility and its wholly owned operating subsidiary took over management of the facility effective January 18, 2003.
CCA paid the purchase price through $30.0 million in borrowings under its senior bank credit facility pursuant to an expansion of its existing $565.0 million term loan B facility by a like amount, with the balance of the purchase price satisfied with cash on hand.
The text of sale and purchase agreement entered into by CCA and certain subsidiaries of Reckson is included as Exhibit 10.1 hereto and is incorporated herein in its entirety by reference. The press release issued by CCA on January 21, 2003 announcing the purchase is filed herewith as Exhibit 99.1 and is incorporated herein in its entirety by reference.
ITEM 7(c). Exhibits.
The following exhibits are filed as part of this Current Report:
| Exhibit | ||
| Number | Description of Exhibits | |
| 10.1 | Agreement of Sale and Purchase, dated as of November 21, 2002, (as amended) by and between CCA and certain subsidiaries of Reckson, and related Designation of Affiliate letter by CCA. | |
| 99.1 | Press Release. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the undersigned Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: January 21, 2003 | CORRECTIONS CORPORATION OF AMERICA | |||
| By: | /s/ Irving E. Lingo, Jr. |
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| Its: | Executive Vice President and Chief Financial Officer | |||
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EXHIBIT INDEX
| Exhibit | ||||||
| Number | Description of Exhibits | |||||
| 10.1 | Agreement of Sale and Purchase, dated as of November 21, 2002, (as amended) by and between CCA and certain subsidiaries of Reckson Associates Realty Corporation, and related Designation of Affiliate letter by CCA. | |||||
| 99.1 | Press Release. | |||||