ResCare (RSCR) Commences Senior Note Tender Offer
ResCare, Inc. (Nasdaq: RSCR) announced that they are commencing a tender offer for all outstanding 7.75% Senior Notes due 2013.
The consent solicitation will expire at 5:00 p.m., New York City time, on Friday, December 17, 2010, unless extended.
Details from the release:
"The total consideration for each $1,000 principal amount of Notes validly tendered on or before the Consent Payment Deadline pursuant to the Offer will be equal to $1,021.88, plus accrued and unpaid interest from the last interest payment date to, but not including, the applicable date of payment.
The Total Consideration includes a consent payment of $30.00 per $1,000 principal amount of the Notes for which Notes have been tendered and consents have been validly delivered on or prior to the Consent Payment Deadline. The Offer contemplates an early settlement option, so that holders whose Notes are validly tendered before the Consent Payment Deadline and accepted for purchase could receive payment as early as December 20, 2010. Holders who validly tender their Notes after the Consent Payment Deadline but before the Expiration Time will be eligible to receive only the Tender Consideration, which equals the Total Consideration less the Consent Payment. The Company may, at any time, extend the Consent Payment Deadline, the Withdrawal Deadline or the Expiration Time, or amend or terminate the tender offer and consent solicitation."
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The consent solicitation will expire at 5:00 p.m., New York City time, on Friday, December 17, 2010, unless extended.
Details from the release:
"The total consideration for each $1,000 principal amount of Notes validly tendered on or before the Consent Payment Deadline pursuant to the Offer will be equal to $1,021.88, plus accrued and unpaid interest from the last interest payment date to, but not including, the applicable date of payment.
The Total Consideration includes a consent payment of $30.00 per $1,000 principal amount of the Notes for which Notes have been tendered and consents have been validly delivered on or prior to the Consent Payment Deadline. The Offer contemplates an early settlement option, so that holders whose Notes are validly tendered before the Consent Payment Deadline and accepted for purchase could receive payment as early as December 20, 2010. Holders who validly tender their Notes after the Consent Payment Deadline but before the Expiration Time will be eligible to receive only the Tender Consideration, which equals the Total Consideration less the Consent Payment. The Company may, at any time, extend the Consent Payment Deadline, the Withdrawal Deadline or the Expiration Time, or amend or terminate the tender offer and consent solicitation."
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