In a filing last week with the Securities & Exchange Commission, the Prison Realty Trust, a real-estate investment trust (REIT), announced that as part of a "Waiver and Amendment" with its creditors, the company will securitize the leases associated with its Agecroft detention facility in the United Kingdom.

Under the terms of the amendment, the transaction, which will exceed GBP45 million in net proceeds (or the corresponding U.S. dollar amount on the day of closure) must close before Feb. 28, 2001. Currently, GBP45 million equals roughly US$68 million.

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