ResCare launches $190 million term loan B at Libor plus 450-475 bps

By Sara Rosenberg

New York, Dec. 3 - ResCare Inc. launched its $190 million term loan B on Friday with price talk of Libor plus 450 basis points to 475 bps with a 1.5% Libor floor and an original issue discount of 981/2, according to a market source.

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.

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