/NOT FOR DISSEMINATION TO U.S. NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
MISSISSAUGA, ON, Oct. 21,
2024 /CNW/ - Chartwell Retirement Residences
("Chartwell") (TSX: CSH.UN) announced today that it has agreed to
issue $150 million aggregate
principal amount of Series D senior unsecured debentures (the
"Debentures"). The Debentures will bear interest at a rate of
4.400% per annum and will mature on November 5, 2029. The Debentures will be
unconditionally guaranteed by Chartwell Master Care LP. The
Debentures are being offered on an agency basis by a syndicate of
agents led by TD Securities Inc., BMO Capital Markets and CIBC
Capital Markets as joint bookrunners. The offering is expected to
close on October 28, 2024, subject to
satisfaction of customary closing conditions. DBRS Limited has
assigned a provisional rating of "BBB (low)" with a "Stable" trend
to the Debentures. It is a condition to the closing of the offering
that DBRS Limited assigns a final rating to the Debentures of "BBB
(low)" with a "Stable" trend.
Chartwell intends to use the net proceeds from this offering to
repay existing indebtedness, including indebtedness under its
secured credit facility and term loan and to partially finance
certain previously announced acquisitions of retirement residences
expected to close in the fourth quarter of 2024, including
indebtedness incurred in connection with such acquisitions.
The offering is being made by way of a private placement to
"accredited investors" in each of the provinces of Canada.
The Debentures have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent
registration or an applicable exemption from the registration
requirements. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the Debentures in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Chartwell
Chartwell is in the business of serving and caring for
Canada's seniors, committed to its
vision of Making People's Lives BETTER and to providing a happier,
healthier, and more fulfilling life experience for its
residents. Chartwell is an unincorporated, open-ended real
estate trust which indirectly owns and operates a complete range of
seniors housing communities, from independent living through to
assisted living and long term care. Chartwell is one of the
largest operators in Canada,
serving approximately 25,000 residents in four provinces across the
country. For more information, visit www.chartwell.com.
Forward-Looking Information
This press release contains forward-looking information that
reflects the current expectations, estimates and projections of
management about the future results, performance, achievements,
prospects or opportunities for Chartwell and the seniors housing
industry. The words "plans", "expects", "does not expect", "is
expected", "budget", "scheduled", "estimates", "intends",
"anticipates", "does not anticipate", "projects", "believes" or
variations of such words and phrases or statements to the effect
that certain actions, events or results "may", "will", "could",
"would", "might", "occur", "be achieved" or "continue" and similar
expressions identify forward-looking statements. Forward-looking
information in this document include statements with respect to the
credit rating expected to be assigned to the Debentures, the
intended use of proceeds from the offering of the Debentures, the
completion and expected closing date of the offering and the timing
of the closing of certain previously announced acquisitions.
Forward-looking statements are based upon a number of assumptions
and are subject to a number of known and unknown risks and
uncertainties, many of which are beyond our control, and that could
cause actual results to differ materially from those that are
disclosed in or implied by such forward-looking statements.
While we anticipate that subsequent events and developments
may cause our views to change, we do not intend to update this
forward-looking information, except as required by applicable
securities laws. This forward-looking information represents our
views as of the date of this press release and such information
should not be relied upon as representing our views as of any date
subsequent to the date of this document. We have attempted to
identify important factors that could cause actual results,
performance or achievements to vary from those current expectations
or estimates expressed or implied by the forward-looking
information. However, there may be other factors that cause
results, performance or achievements not to be as expected or
estimated and that could cause actual results, performance or
achievements to differ materially from current expectations. There
can be no assurance that forward-looking information will prove to
be accurate, as actual results and future events could differ
materially from those expected or estimated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking information. These factors are not intended to
represent a complete list of the factors that could affect us. See
"Risks and Uncertainties" in our management's discussion and
analysis of results of operations and financial condition for the
year ended December 31, 2023 and risk
factors highlighted in materials filed with the securities
regulatory authorities in Canada
from time to time, including but not limited to our most recent
Annual Information Form.
FOR FURTHER INFORMATION PLEASE CONTACT:
Chartwell Retirement Residences
Vlad Volodarski
Chief Executive Officer
Tel: (905) 501-4709
Email: investorrelations@chartwell.com
SOURCE Chartwell Retirement Residences (IR)