ResCare readies launch of $350 million credit facility for Thursday

By Sara Rosenberg

New York, March 9 - ResCare Inc. has set a bank meeting for Thursday to launch a proposed $350 million five-year senior secured credit facility (Ba1/BB), according to a market source.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC and RBC Capital Markets LLC are the lead banks on the deal.

The facility consists of a $175 million revolver and a $175 million term loan A, with both tranches talked at Libor plus 275 basis points, the source said.

Proceeds will be used to refinance an existing revolver and term loan B.

Closing is expected in April.

ResCare is a Louisville, Ky.-based human services company that provides residential, therapeutic, job training and educational support.

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