ResCare widens price talk on $190 million loan to Libor plus low-500s

By Sara Rosenberg

New York, Dec. 16 - ResCare Inc. increased price talk on its $190 million term loan B to the Libor plus low-500 basis points area from Libor plus 450 bps to 475 bps, according to a market source.

The B loan still includes a 1.5% Libor floor and is being offered at an original issue discount of 981/2.

J.P. Morgan Securities LLC and Bank of America are the lead banks on the deal, with JPMorgan the left lead.

Proceeds, along with $200 million of 10¾% notes, will be used to 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.

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.