ResCare to price $200 million eight-year notes early in Dec. 13 week

By Paul A. Harris

St. Louis, Dec. 8 - ResCare, Inc. began a roadshow on Wednesday for its $200 million offering of eight-year senior notes (B3/B-), according to market sources.

The deal, which is being led by joint bookrunners J.P. Morgan Securities LLC and Bank of America Merrill Lynch, is expected to price early in the Dec. 13 week.

The notes are formatted according to the provisions of Rule 144A and Regulation S.

The notes come with four years of call protection.

Proceeds will be used to repurchase and retire $150 million of the company's 7¾% senior notes due 2013, as well as to fund the second-step share exchange through which an affiliate of Onex Partners III, LP will complete the acquisition of all of the equity shares of ResCare, and for general corporate purposes.

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

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