ResCare readies $190 million term loan B for launch at Monday meeting

By Sara Rosenberg

New York, Nov. 24 - ResCare Inc. is scheduled to hold a bank meeting on Monday to launch its proposed $190 million term loan B, according to sources.

JPMorgan and Bank of America are the lead banks on the deal, with JPMorgan the left lead.

Proceeds will be used to help refinance existing debt, repay a portion of the amounts used to purchase the company's common shares in the tender offer by Onex Rescare Acquisition LLC, and fund the purchase of any remaining ResCare shares by Onex through a second-step share exchange.

The company had said on Tuesday that it plans to raise up to $390 million in new debt for the refinancing and buyout.

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

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