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Corrections Corporation of America Message Board

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  • newMK newMK Dec 17, 1999 7:22 AM Flag

    I talked to Kerry Today at IR

    The special apparently doesn't have to be paid
    until the end of January, as long as it is declared
    prior by 12/31. I assume the record date has to be in
    1999 also. Unlike the "regular" dividend, the payment
    can't be delayed beyond that date.

    As far as
    bank covenants go, it would be relatively easy for the
    banks to waive the covenant (if it applies) and instead
    switch it to regular dividends. The remaining cash for
    the special is less than a regular quarterly
    dividend, so the banks should be fine with it.

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