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| CCA Announces Sale of Southern Nevada Women's Correctional Facility |
| By Business Wire |
| Published: 10/15/2001 |
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Corrections Corporation of America recently announced that it has sold its Southern Nevada Women's Correctional Facility in Las Vegas, Nevada for approximately $24.1 million to the State of Nevada. The State of Nevada exercised its right to purchase the facility pursuant to the terms of a 20-year lease agreement with the Company. Subsequent to the sale, the Company will continue to manage the facility. The net proceeds from this sale were used to pay down amounts outstanding under the senior credit facility. 'In announcing this sale, we are also pleased to report our ongoing engagement to operate and manage the facility for the State of Nevada,' said John D. Ferguson, president and chief executive officer. 'The proceeds from the divesture of this asset, less expenses, were used to pay down amounts outstanding under the Company's senior credit facility. As a result, this year the Company has paid down approximately $138.9 million against the senior credit facility through the sale of assets.' |
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