ResCare readies Friday launch for $190 million term loan B

By Sara Rosenberg

New York, Dec. 1 - ResCare Inc. is scheduled to hold a bank meeting on Friday to launch its proposed $190 million term loan B, according to a market source.

The deal was initially expected to launch this past Monday, but was delayed because of scheduling conflicts.

JPMorgan and Bank of America are the lead banks on the loan, 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.