National Mentor reduces 12½% notes to be redeemed to $162 million

By Tali Rackner

Norfolk, Va., Sept. 18 – National Mentor Holdings, Inc. said the conditions for the redemption of all $212 million of its 12½% senior notes due 2018 were not met and rescinded the call, according to an 8-K filing with the Securities and Exchange Commission.

Instead, the company now plans to redeem $162 million of the notes on Oct. 17. They will still be redeemed at 106.25 plus accrued interest to the redemption date.

The conditional partial redemption will be funded with the proceeds of the initial public offering of Civitas Solutions, Inc., the indirect parent of the company.

The conditions of the partial redemption are the completion of Civitas Solutions’ IPO and the receipt of proceeds from the IPO in an amount at least equal to the aggregate redemption price of the notes.

National Mentor Holdings is a Boston-based human resource services and support provider.

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