CoreCivic Announces Expansion of Revolving Credit Facility By $300 Million

CoreCivic (NYSE: CXW) entered a First Amendment to its Fourth Amended and Restated Credit Agreement effective December 1, 2025 to expand its revolving credit capacity and accordion feature.

Rhea-AI Summary

CoreCivic (NYSE: CXW) entered a First Amendment to its Fourth Amended and Restated Credit Agreement effective December 1, 2025 to expand its revolving credit capacity and accordion feature. The amendment increases the Revolving Credit Facility from $275 million to $575 million and raises the uncommitted incremental "accordion" from $200 million to $300 million. The company has $165.0 million of outstanding borrowings and $18.6 million of letters of credit, leaving $391.4 million of additional borrowing capacity after the amendment. Management said the expanded facility aims to provide enhanced balance sheet flexibility ahead of projected revenue and cash-flow increases for 2026–2027.

Positive

• Revolving facility increased from $275M to $575M effective Dec 1, 2025
• Accordion capacity raised from $200M to $300M
• Additional borrowing capacity of $391.4M after amendment

Negative

• Outstanding borrowings of $165.0M reduce immediate usable liquidity
• Letters of credit totaling $18.6M further constrain available cash

Argus Dec 2 session

+1.95% close to close 0.7x rel. volume Open Argus

Details

News Market Reaction – CXW

On Dec 2, the day this news came out, CXW closed 1.95% above the previous close.

Data tracked by StockTitan Argus for the Dec 2 session.

Key Figures

Accordion feature size: $300 million Prior accordion size: $200 million Revolver capacity: $575 million +5 more

Accordion feature size

$300 million

Uncommitted incremental extensions of credit after Amendment

Prior accordion size

$200 million

Uncommitted incremental extensions of credit before Amendment

Revolver capacity

$575 million

Total capacity under Revolving Credit Facility after Amendment

Prior revolver capacity

$275 million

Revolving Credit Facility capacity before Amendment

Outstanding borrowings

$165.0 million

Borrowings under Revolving Credit Facility at announcement

Letters of credit

$18.6 million

Outstanding letters of credit at announcement

Additional borrowing capacity

$391.4 million

Available under Revolving Credit Facility after Amendment

Forecast period

2026 and 2027

Management forecasting significant revenue and cash-flow increases

Historical Context

5 past events · Latest: Dec 02

5 events

1. Dec 02

   Credit facility amendment

   24h Move

   +1.9%

   Expanded revolver and accordion for greater balance sheet flexibility.

2. Nov 10

   Buyback increase

   24h Move

   +3.0%

   Share repurchase authorization raised to support capital returns.

3. Nov 05

   Earnings release

   24h Move

   +1.1%

   Strong revenue and income growth with continued buybacks and acquisition.

4. Oct 02

   Earnings call notice

   24h Move

   -5.2%

   Scheduling of Q3 2025 earnings release and conference call.

5. Oct 01

   New contract award

   24h Move

   +1.0%

   Five-year ICE contract to reactivate Diamondback facility with new revenue.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

revolving credit facility, accordion feature, letters of credit, buyback authorization

4 terms

revolving credit facility financial

"expanding the capacity under the Revolving Credit Facility from $275 million to $575 million"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

accordion feature financial

"increase the size of the "accordion" feature that provides for uncommitted incremental extensions"

An accordion feature is a clause in a loan or financing agreement that allows a company to expand the size of a credit line or the amount of securities available under the same contract without drafting a completely new deal. Like a suitcase that can be extended to hold more items, it gives a company quick flexibility to raise extra money, which can help fund growth but may increase debt or dilute existing shareholders—so investors watch it for changes in risk and ownership.

letters of credit financial

"Including outstanding letters of credit of $18.6 million and following the Amendment"

A letter of credit is a promise from a bank to pay a seller if the buyer fails to do so, commonly used in trade and large contracts to ensure payment. Think of it as a bank standing in for the buyer, like a certified check or payment insurance that reduces the risk of nonpayment. For investors, letters of credit matter because they affect a company’s cash flow, borrowing needs and contingent liabilities, and signal how much credit support a business requires to secure deals.

buyback authorization financial

"such as through our recently expanded buyback authorization"

A buyback authorization is a formal approval from a company’s board allowing management to repurchase a set amount of its own shares over a given period. Investors care because buying back shares reduces the number of shares available, which can raise earnings per share and signal that management believes the stock is undervalued; it also shows one way the company might use cash instead of investing in growth. Think of it like a store removing coupons from circulation to make the remaining ones more valuable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BRENTWOOD, Tenn., Dec. 02, 2025 (GLOBE NEWSWIRE) -- CoreCivic, Inc. (NYSE: CXW) ("CoreCivic" or the "Company") announced today that it has entered into a First Amendment to its Fourth Amended and Restated Credit Agreement to, among other things, increase the size of the "accordion" feature that provides for uncommitted incremental extensions of credit from $200 million to $300 million, and to exercise the full allotment by expanding the capacity under the Revolving Credit Facility from $275 million to $575 million effective December 1, 2025 (the "Amendment"). The Company currently has outstanding borrowings under the Revolving Credit Facility of $165.0 million. Including outstanding letters of credit of $18.6 million and following the Amendment, the Company currently has additional borrowing capacity of $391.4 million.

David M. Garfinkle, CoreCivic's Chief Financial Officer, commented, "As expressed on our last earnings call, with recent contract awards the Company is forecasting significant increases in revenues and cash flows going into 2026 and 2027. Expanding the size of our Revolving Credit Facility provides us with enhanced balance sheet flexibility while remaining positioned for strategic investments and long-term value creation, such as through our recently expanded buyback authorization." Garfinkle continued, "I would like to thank the banks that participate in our bank credit facility. We are pleased to have such supportive banking relationships."

About CoreCivic

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and one of the largest operators of such facilities in the United States. We have been a flexible and dependable partner for government for more than 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

Cautionary Note Regarding Forward-Looking Statements

This press release includes statements as to our beliefs and expectations of the outcome of future events that are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding CoreCivic's financial flexibility and prospects of growth in CoreCivic's business. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made, including, but not limited to, risks and uncertainties associated with economic conditions affecting the corrections and detention industry. Other factors that could cause operating and financial results to differ are described in the filings we make from time to time with the Securities and Exchange Commission.   Except as required by applicable law, CoreCivic does not undertake any responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services.

Contact:		Investors: Jeb Bachmann - Managing Director, Investor Relations - (615) 263-3024 Media: Steve Owen – Vice President, Communications - (615) 263-3107

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What change did CoreCivic (CXW) make to its Revolving Credit Facility on December 1, 2025?

CoreCivic expanded the Revolving Credit Facility from $275 million to $575 million, effective December 1, 2025.

How much did CoreCivic (CXW) increase its accordion feature on Dec 1, 2025?

The accordion feature was increased from $200 million to $300 million.

What is CoreCivic's (CXW) additional borrowing capacity after the amendment?

After the amendment, CoreCivic has $391.4 million of additional borrowing capacity.

How much does CoreCivic (CXW) currently have outstanding under the Revolving Credit Facility?

CoreCivic currently has $165.0 million of outstanding borrowings under the Revolving Credit Facility.

Do letters of credit affect CoreCivic's (CXW) available credit after the amendment?

Yes; outstanding letters of credit of $18.6 million reduce the company’s immediately available credit.