A US-based bank holding and financial services company. It has been one of the main financial backers of private prison companies CoreCivic and GEO Group. In 2019, it announced that it would stop financing companies that manage private prisons and immigrant detention centers. As of 2023, CoreCivic's and GEO Group's credit agreements do not disclose the financial institutions involved.
Fifth Third Bancorp is a bank holding and financial services company headquartered in Cincinnati. Fifth Third conducts banking operations through its principal subsidiary, Fifth Third Bank. In 2022, the bank operated 1,087 banking centers and generated $8.3 billion in revenue.
Past Financing of Private Prison Companies
Fifth Third Bancorp has been identified as 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. While it announced in 2019 that it would stop financing companies that manage private prisons and immigrant detention centers, it is unclear, as of 2023, whether it has upheld this commitment.
In 2018, CoreCivic entered into an amended $1 billion credit agreement with a syndicate of banks that included Fifth Third Bank. Replacing a previous $900 million credit agreement, this credit facility was originally set to expire in April 2023. Under the agreement, Fifth Third Bank provided an $80 million revolving line of credit and a $20 million term loan.
Fifth Third Bank also served as an underwriter for the following CoreCivic bond offering:
- April 2023: CoreCivic issued two sets of bonds—one set totaling $325 million, with a maturity date of 2020, and another set totaling $350 million, with a maturity date of 2023. As part of a syndicate of banks, Fifth Third Bank underwrote both sets of bonds; however, SEC filings do not disclose the proportion of bonds underwritten by the bank.
Discerning the Company's Role in Current Credit Agreements
As of September 2023, Fifth Third Bank might still be involved in the following bond agreement—arranged prior to the bank's divestment announcement—with GEO Group:
- April 2016: GEO Group issued $350 million of bonds, with a maturity date of 2026. As part of a syndicate of banks, Fifth Third Bank underwrote $10.5 million worth of these bonds.
In August 2022, GEO Group completed an offer to exchange/purchase certain outstanding notes, revolving credit loans, and term loans from certain lenders. As part of this agreement, GEO Group exchanged its outstanding bonds due 2023, 2024, and 2026 for newly issued bonds due 2028. SEC filings do not disclose whether Fifth Third Bank is still involved in any of these agreements.
In May 2022, CoreCivic entered into an amended credit agreement, effectively replacing its $1 billion credit facility with a $350 million agreement. Consisting of a $250 million revolving line of credit and a $100 million term loan, this agreement extends the previous credit facility's April 2023 maturity date to May 2026. SEC filings do not disclose whether Fifth Third Bank is still involved in this agreement.