/NOT FOR DISSEMINATION TO U.S. NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
MISSISSAUGA, ON, Dec. 5, 2023
/CNW/ - Chartwell Retirement Residences ("Chartwell") (TSX: CSH.UN)
announced today that it has agreed to issue $250 million aggregate principal amount of Series
C senior unsecured debentures (the "Debentures"). The Debentures
will bear interest at a rate of 6.000% per annum and will
mature on December 8, 2026. 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 Nesbitt Burns
Inc. and CIBC World Markets Inc. as joint
bookrunners. The offering is expected to close on December 8, 2023, 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 its maturing 3.786% Series A senior unsecured debentures and
for general trust purposes, including the repayment of a portion of
existing indebtedness under its secured credit facility.
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 the largest
operator in Canada, serving over
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 and
the completion and expected closing date of the offering.
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, 2022 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