ResCare plans tender for all $150 million 7¾% senior notes due 2013

By Devika Patel

Knoxville, Tenn., Dec. 7 - ResCare, Inc. said it is launching a cash tender offer for all $150 million of its outstanding 7¾% senior notes due 2013. The company also is soliciting consents to amend the notes' indenture, eliminating certain restrictive covenants and other provisions.

The tender is scheduled to expire at 11:59 p.m. ET on Jan. 4. The consent deadline is 5 p.m. ET on Dec. 17.

In the tender, the company will pay $1,021.88 per $1,000 of notes, which includes a $30.00 consent payment. The company also will pay interest on the notes from the last interest payment date to, but not including, the payment date.

Investors who tender their notes by the early deadline could receive payment as early as Dec. 20.

Holders who tender their notes will also be consenting to the amendments and may not deliver consents without also tendering their notes; the company needs at least a majority of notes to consent to the changes before they can be approved.

J.P. Morgan Securities LLC (212 834-2046 or 800 245-8812) and Bank of America Merrill Lynch (980 388-9217 or 888 292-0070) are the dealer managers for the tender and consent solicitation. Computershare Trust Co., NA is the depositary, and Georgeson Inc. (866 203-9357) is the information agent.

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.