Chartwell in its $150-million debentures offering

On October 28, 2024, Chartwell Retirement Residences (Chartwell) closed its previously announced issuance of $150 million of 4.400% Series D senior unsecured debentures. The offering was completed on an agency basis through a syndicate of investment dealers led by TD Securities, BMO Capital Markets and CIBC Capital Markets. Chartwell intends to use the net proceeds from the offering to: (i) repay existing indebtedness, including indebtedness under its secured credit facility and term loan; and (ii) 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.

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.

Osler, Hoskin & Harcourt LLP advised Chartwell with a team consisting of Rosalind Hunter, Wesley Cohen and Kiana Blake (Corporate) and David Davachi (Tax).