ResCare calls 6% convertibles

New York, Dec. 11 - ResCare said it will redeem its 6% convertible subordinated notes due December 2004 on Jan. 12.

The Louisville, Ky. provider of services to people with developmental disabilities and youth with special needs currently has $87 million of the convertibles outstanding.

Holders of more than a majority of ResCare's 10 5/8% senior notes due 2008 consented to the redemption of the convertibles and replacement of its existing $80 million senior secured credit facility with a new $135 million senior secured credit facility.

Funding for the redemption will come from existing cash and part of the proceeds of the new bank facility.

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