CXW is redeeming $250 million debt with an interest rate of 9.876% and replacing it with longer term debt with an interest rate of 6.25%. This looks to me like an annual savings of 3.635% on $250 million, or about $9 million per year, before tax. They're also using $100 million to prepay other loans, which I believe have restrictive covenants that result in less flexibility than CXW would ordinarily have.
Looks to me that management is really on the ball. This isn't pocket change.