ResCare $275 million revolver priced at Libor plus 375 basis points

By Sara Rosenberg

New York, Feb. 1 - ResCare Inc.'s new $275 million revolving credit facility (Ba1) due July 28, 2013 is initially priced at Libor plus 375 basis points with a 50 bps commitment fee, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Pricing can range from Libor plus 300 bps to 450 bps, and the commitment fee can range from 40 bps to 50 bps, based on leverage.

There is a $50 million accordion feature.

JPMorgan and Bank of America acted as the lead banks on the deal that will be used for working capital and general corporate purposes, including funding acquisitions.

The facility replaced an existing $250 million revolver set to mature on Oct. 3.

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

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