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News Release
ResCare
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9901 Linn
Station Road
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Louisville,
Kentucky 40223
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Phone: 502.394.2100
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www.rescare.com
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Contact:
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David
W. Miles
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Chief
Financial Officer
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502-394-2137
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RESCARE TO INITIATE REFINANCING
LOUISVILLE, KY (November 23, 2010)
— 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.
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