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ResCare delays $190 million term loan B launch till early December
By Sara Rosenberg
New York, Nov. 29 - ResCare Inc. has postponed the launch of its proposed $190 million term loan B to later this week or early next week from Monday, according to a market source.
The source said that the change was made because of scheduling conflicts.
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 previously said that it plans to raise up to $390 million of 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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