This news release constitutes a "designated news release" for
the purposes of Chartwell Retirement Residences' prospectus
supplement dated November 14, 2024 to
its short form base shelf prospectus dated April 30, 2024.
/NOT FOR DISSEMINATION TO U.S. NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
MISSISSAUGA, ON, March 3,
2025 /CNW/ - Chartwell Retirement Residences
("Chartwell") (TSX: CSH.UN) announced today that it has agreed to
issue $400 million aggregate
principal amount of senior unsecured debentures (the "Offering").
The Offering includes (i) $200 million aggregate principal
amount of Series E senior unsecured debentures (the "Series E
Debentures"), that will bear interest at a rate of 3.650%
per annum and will mature on May 6,
2028 and (ii) $200 million
aggregate principal amount of Series F senior unsecured debentures
(the "Series F Debentures", together with the Series E Debentures,
the "Debentures"), that will bear interest at a rate of
4.500% per annum and will mature on March 6, 2032. 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
Scotiabank as joint bookrunners. The Offering is expected to close
on March 6, 2025, subject to
satisfaction of customary closing conditions. DBRS Limited has
assigned provisional ratings of "BBB (low)" with a "Stable" trend
to the Debentures. It is a condition to the closing of the Offering
that DBRS Limited assigns final ratings to the Debentures of "BBB
(low)" with a "Stable" trend.
Chartwell intends to use the net proceeds from the Offering to
repay indebtedness, including indebtedness under its credit
agreements and term loan and the remainder, if any, to finance
future 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 includes statements with respect to
the credit rating expected to be assigned to the Debentures, the
intended use of proceeds from the Offering, the completion and
expected closing date of the Offering and future 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, 2024 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)
