ResCare to Initiate Refinancing
23 Novembre 2010 - 10:27PM
ResCare, Inc. (Nasdaq:RSCR) today announced that the Company has
initiated a process to raise up to $390 million through the
issuance of new indebtedness. Proceeds would be used to refinance
existing indebtedness, repay a portion of the amounts used to
purchase the Company's common shares in the tender offer by Onex
Rescare Acquisition LLC, an affiliate of Onex Partners III LP and
Onex Corporation, and purchase the outstanding public equity shares
of the Company in the second-step share exchange through which Onex
Rescare Acquisition LLC will complete its acquisition of all of the
equity shares of ResCare. Completion of the refinancing is
subject to market conditions and is not a condition to closing the
second-step share exchange.
About ResCare
ResCare, with more than 35 years of experience helping people
reach their highest level of independence, is one of the largest
providers of home care to the elderly and persons with
disabilities. It also offers residential and support services
to people with intellectual and developmental disabilities and
provides education, vocational training and job placement for
people of all ages and skill levels. Based in Louisville,
Kentucky, ResCare and its nearly 50,000 dedicated employees serve
more than a million people a year in 41 states, Washington, D.C.,
Puerto Rico and a number of international locations. For more
information about ResCare, please visit the Company's website at
www.rescare.com.
Important Information
In connection with the proposed share exchange, ResCare plans to
file a proxy statement with the SEC relating to the solicitation of
proxies from its shareholders in connection with a special meeting
of shareholders of ResCare to be held for the purpose of voting on
the adoption of the share exchange agreement and approval of the
share exchange. Before making any voting decision with respect to
the proposed transaction, investors and security holders are urged
to read the proxy statement and other relevant materials when they
become available because they will contain important information
about the proposed transaction. The proxy statement (when
available) and any other documents filed by ResCare with the SEC
may be obtained free of charge at the SEC's website at www.sec.gov
or from ResCare by directing a request to Res-Care, Inc., 9901 Linn
Station Road, Louisville, Kentucky 40223, Attn: David W.
Miles, Chief Financial Officer; telephone (502) 394-2100, or on the
Company's corporate website at www.rescare.com.
ResCare and its executive officers, directors and other members
of its management and employees may be deemed to be participants in
the solicitation of proxies from ResCare's shareholders with
respect to the proposed share exchange. Information regarding
the participants in the proxy solicitation and a description of
their direct and indirect interests, by security holdings or
otherwise, will be set forth in the proxy statement and other
relevant materials to be filed with the SEC. Information
regarding ResCare's directors and executive officers is available
in ResCare's definitive proxy statement for the Company's 2010
annual meeting of shareholders filed with the SEC on April 27,
2010. The proxy statement for the special meeting (when
available) and any other documents filed by ResCare with the SEC
may be obtained free of charge at the SEC's website at www.sec.gov
or from ResCare by directing a request to Res-Care, Inc., 9901 Linn
Station Road, Louisville, Kentucky 40223, Attn: David W. Miles,
Chief Financial Officer; telephone (502) 394-2100, or on the
Company's corporate website at www.rescare.com.
CONTACT: ResCare, Inc.
David W. Miles, Chief Financial Officer
502-394-2137
Res-Care, Inc. (MM) (NASDAQ:RSCR)
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