ResCare amends 7¾% notes, buys back $120.05 million tendered so far

By Angela McDaniels

Tacoma, Wash., Dec. 22 - ResCare, Inc. said holders had tendered $120,046,000 principal amount, or 80.03%, of its $150 million of 7¾% senior notes due 2013 as of 5 p.m. ET on Dec. 21, which was the consent payment deadline in a tender offer that began Dec. 7.

The consents received are enough to amend the indenture governing the notes. The amendments eliminate substantially all of the restrictive covenants and some events of default and have become operative.

The consent deadline was previously extended from 5 p.m. ET on Dec. 17. The amount of notes tendered is unchanged from that time.

The purchase price is $1,021.88 per $1,000 principal amount of notes, which includes a $30.00 consent payment for notes tendered by the consent deadline. The company also will pay accrued interest up to but excluding the payment date.

The tender offer will expire at 11:59 p.m. ET on Jan. 4.

All notes not accepted in the offer will be redeemed on Jan. 21. The redemption price will be $1,019.38 per $1,000 principal amount of notes plus accrued interest.

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. 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.

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