February 2, 2010 (FinancialWire) — ResCare, Inc. (NASDAQ: RSCR) has amended its senior secured credit facility, which was originally scheduled to expire on October 3, 2010.

The amendment increases the revolver capacity by $25 million to $275 million. A $50 million “accordion feature” remains in place, which allows the company to expand its total borrowing capacity to $325 million. The amendment will result in somewhat higher borrowing costs for the company, but does not significantly alter the existing financial covenants. The amended credit facility expires on July 28, 2013, and is secured by a lien on the assets of the company and its subsidiaries. The amended credit facility will be used primarily for working capital purposes, letters of credit required under the company’s insurance programs and for acquisitions. The amendment was led by J.P. Morgan Securities, Inc. and Banc of America Securities, LLC.

ResCare, with 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.

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (http://www.financialwire.net/news-alerts/).

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) website (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.