Prison healthcare company takes out $25 million loan after securing new contracts


Prison healthcare company takes out $25 million loan after securing new contracts

By MATT BLOIS

The prison healthcare provider Corizon, based in Brentwood, has taken out $25 million in loans for costs associated with new contracts and to fuel growth.

A press release did not specify which contracts it needed the cash for.

In June, Corizon reported that it won a contract to continue providing health care to the Passaic County Jail in New Jersey. That contract was renewed in June and will continue for three years.

The jail has an average daily population of about 600 prisoners, and Corizon has provided health care there since 2011. The new contract expands mental health services at the jail. The company also administers an addiction treatment program. 

“We are excited about continued opportunities for growth and that we have the sponsorship of large institutional investors who will provide us with a platform for this growth,” Company Chief Executive Officer Steve Rector said, according to a press release. “This allows us to invest in our future, to accelerate the realization of our strategic plans, and ultimately benefit our patients and partners.”

The press release didn’t specify who funded the new loans.

In addition the $25 million in new loans, the company reported that it also has access to an additional $7.3 million in loans before December 13, 2019.

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