Truist Financial Corporation

Truist Financial Corporation, formed in 2019 as a merger of BB&T and SunTrust Banks, is a bank holding company headquartered in Charlotte, North Carolina. Its principal subsidiary, Truist Bank (formerly SunTrust Bank), used to be one of several major financiers of private prison and immigrant detention companies, having provided revolving lines of credit, term loans, and bond underwriting services to CoreCivic and GEO Group. In 2019, it announced, along with eight other banks, that it would exit the private prison industry.

In 2022, CoreCivic signed a new credit agreement, replacing a 2018 $1 billion credit facility. Truist Bank (then SunTrust Bank) was part of the 2018 agreement, having provided a $112 million revolving line of credit and a $28 million term loan. Unlike in previous years, public disclosures regarding the 2022 agreement only named the administrative agent, Alter Domus. While other lenders are also involved, they were not named. Therefore, it cannot be verified whether Truist Bank is still involved.

Also in 2022, GEO Group entered into a new credit agreement, replacing a previous agreement that consisted of a $900 million revolving line of credit and a $792 million term loan. Truist Bank was part of the previous agreement, having provided an undisclosed amount of money to the deal. Unlike in previous years, public disclosures regarding the 2022 agreement only named the administrative agent, Alter Domus. While other lenders are also involved, they were not named. Therefore, it cannot be verified whether Truist Bank is still involved.

The bank's known past involvement includes:

• In April 2013, CoreCivic issued two sets of bonds—one totaling $325 million, with a maturity date of 2020, and the other totaling $350 million, with a maturity date of 2023. As part of a syndicate of banks, Truist Bank underwrote undisclosed proportions of both sets of bonds.
• In September 2014, GEO Group issued $250 million of bonds, with a maturity date of 2024. As part of a syndicate of banks, Truist Bank underwrote $43.8 million worth of these bonds.
• In April 2016, GEO Group issued $350 million of bonds, with a maturity date of 2026. As part of a syndicate of banks, Truist Bank underwrote $70 million worth of these bonds.
• In October 2017, CoreCivic issued $250 million of bonds, with a maturity date of 2027. As part of a syndicate of banks, Truist Bank underwrote an undisclosed proportion of these bonds.