ResCare plans $390 million of new debt for proposed refinancing

By Paul A. Harris

St. Louis, Nov. 23 - ResCare, Inc. announced in a Monday press release that it has begun a process to raise up to $390 million through the issuance of new debt.

Proceeds would be used to refinance existing debt and to repay a portion of the cash used to purchase the company's common shares in the tender offer by Onex ResCare Acquisition LLC, an affiliate of Onex Partners III LP and Onex Corp.

Proceeds would also be used to purchase ResCare's outstanding public equity shares in the second-step share exchange through which Onex ResCare Acquisition will complete its acquisition of all of the equity shares of ResCare.

Completion of the refinancing is subject to market conditions and is not a condition to closing the second-step share exchange.

ResCare is a Louisville, Ky.-based provider of home care to the elderly and persons with disabilities.

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