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Wells Fargo Raises Funds for GEO Group Inc

GEO Group is a private corporation that constructs and manages state prisons, Federal prisons, and ICE detention centers. GEO Group is a major part of the prison industrial complex and is reaping enormous financial rewards from the mass criminalization and incarceration of large segments of society. Wells Fargo acts as an investment banking advisor to GEO Group, and helps GEO Group raise and administer funds for it's prison ventures in several ways.
According to documents filed with the SEC by GEO Group, Wells Fargo has served in the following investment banking roles to GEO Group: underwriter, trustee, broker-dealer, documentation agent, joint book-running manager, initial purchaser, dealer manager, financial advisor on acquisitions, and exchange agent. Wells Fargo raises funds for GEO Group in the capital markets by selling both stock and bonds issued by GEO Group.

As an "initial purchaser" of $300 million of notes issued by GEO Group in Feb 2011, Wells Fargo has directly funded GEO Group for a period of time in the recent past. As an investment banking advisor to GEO Group, Wells Fargo is likely to do this again in the future. When GEO Group seeks to raise funds in the capital markets, they often turn to Wells Fargo.

Here are some examples of how Wells Fargo raises funds for GEO Group.

[1] Wells Fargo Bank is the trustee for $300 million of senior notes issued by GEO Group on Feb 10, 2011. Wells Fargo is therefore likely earning fees for the next 10 years as the trustee of this note issuance, which matures in 2021.

"On February 10, 2011, we [GEO Group] completed the issuance of $300.0 million in aggregate principal amount of 6.625% senior unsecured notes due 2021, which we refer to as the 6.625% Senior Notes, in a private offering under an Indenture dated as of February 10, 2011 among us, certain of our domestic subsidiaries, as guarantors, and Wells Fargo Bank, National Association, as trustee."

[2] On Sep 29, 2011, GEO Group filed a prospectus supplement with the SEC declaring their intention to offer for sale 19,600 shares of common stock, with the shares to be sold through Wells Fargo Advisers, "acting in it's capacity as a broker-dealer." Wells Fargo is expected to receive a total commission of $606, while raising $391,916 in funds for GEO Group.

"Wells Fargo may be deemed to be an underwriter as defined in the Securities Act, and any discounts and commissions received by it may be deemed to be underwriting discounts and commissions, under the Securities Act."

"Wells Fargo and its affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business with us. They have received customary fees and commissions for these transactions. An affiliate of Wells Fargo acts as documentation agent under our senior credit facility. An affiliate of Wells Fargo was a joint book-running manager and initial purchaser of the 73/4 senior notes due 2017 issued in October 2009 and the 6 5/8% senior notes due 2021 issued in February 2011. An affiliate of Wells Fargo is the trustee under the indentures governing both series of our outstanding senior notes. An affiliate of Wells Fargo also served as a dealer manager in the tender offer for the 8.25% senior notes due 2013 which closed in October 2009. Lastly, an affiliate of Wells Fargo acted as financial advisor to us in connection with our acquisition of BII Holding Corporation."

[3] On Sep 19, 2011, GEO Group filed a prospectus supplement with the SEC declaring their intention to offer for sale 45,000 shares of common stock, with the shares to be sold through Wells Fargo Advisers, "acting in it's capacity as a broker-dealer." Wells Fargo is expected to receive a total commission of $1385, while raising $913,804 in funds for GEO Group.

[4] On July 8, 2011, GEO Group stated that Wells Fargo is acting as the exchange agent for $300 million of privately issued notes to be exchanged for a like amount of newly registered notes.

Sources:
[1]  link to www.sec.gov
[2]  link to www.sec.gov
[3]  link to www.sec.gov
[4]  link to www.sec.gov

it turns out indymedia does not support .png files. 18.Nov.2011 18:25

 

so here it is in .jpg format.