Prison-Food Vendor TKC Reprices Loan Amid Industry Backlash

Prison-food vendor TKC Holdings Inc. priced an almost $500 million loan Thursday as investors grow increasingly hesitant to fund companies that profit from mass incarceration.

The firm, which is owned by private equity firm HIG Capital, lowered the interest rate on the loan by 50 basis points to 5 percentage points over the Secured Overnight Financing Rate, according to people with knowledge of the matter who asked not to be identified because the information is private. Jefferies Financial Group Inc. led the sale.

It’s the latest prison company to tap the debt market amid increasing backlash on the industry. ...