ResCare Announces $200 Million Senior Note Private Placement
08 December 2010 - 11:30PM
ResCare, Inc. (Nasdaq:RSCR) announced today that it plans to raise
up to $200 million through a private placement of senior notes due
2018 ("New Notes"), subject to market and other customary
conditions. The Company's domestic subsidiaries will fully and
unconditionally guarantee the New Notes. The Company intends
to use the net proceeds from the proposed placement to repurchase
and retire the $150 million aggregate principal amount of its 7.75%
Senior Notes Due 2013, to fund the second-step share exchange
through which an affiliate of Onex Partners III, L.P. will complete
the acquisition of all of the equity shares of ResCare, and for
general corporate purposes. Completion of the placement of New
Notes is subject to market conditions and is not a condition to
closing the second-step share exchange.
The New Notes have not been registered under the Securities Act
of 1933, as amended, and may not be offered or sold in the United
States without registration or an applicable exemption from the
registration requirements of the Securities Act. The Company
plans to offer and issue the New Notes only to qualified
institutional buyers pursuant to Rule 144A under the Securities Act
and to persons outside the United States pursuant to Regulation
S.
This news release is neither an offer to sell nor a solicitation
of an offer to buy any of these securities and shall not constitute
an offer, solicitation or sale in any jurisdiction in which such
offer, solicitation or sale is unlawful.
The Company from time to time makes forward-looking statements
in its public disclosures, including statements relating to
revenues that might be expected from new or acquired programs and
facilities, other statements regarding development and acquisition
activities, statements regarding reimbursement under federal and
state programs and statements regarding various trends favoring
downsizing, deinstitutionalization and privatization of government
programs. In the Company's filings under the federal
securities laws, including its annual, periodic and current
reports, the Company identifies important factors that could cause
the Company's results to differ materially from those contained in
such forward-looking statements. Please refer to those
disclosures.
CONTACT: ResCare, Inc.
David W. Miles, Chief Financial Officer
502-394-2137
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