MISSISSAUGA, Ontario, June 27, 2024 — Chartwell Retirement Residences announced the closing of its previously announced public offering of 28,290,000 of trust units , inclusive of 3,690,000 Trust Units issued pursuant to the exercise in full of the over-allotment option, at a price of $12.20 per Trust Unit for total gross proceeds of approximately $345 million. The Offering was completed on a bought deal basis through a syndicate of investment dealers led by TD Securities Inc.
The Trust Units were offered in each of the provinces of Canada pursuant to a prospectus supplement dated June 24, 2024 filed under Chartwell’s short form base shelf prospectus dated April 30, 2024. The terms of the Offering are fully described in the Prospectus Supplement. Chartwell intends to use the net proceeds from the Offering to partially finance the cash purchase price of its acquisitions of: a 100% ownership interest in a portfolio of five high quality, modern retirement residences with 1,428 suites, located in the Greater Montreal area, Gatineau, and Sherbrooke; and a 50% ownership interest in a portfolio of five high quality, modern retirement residences with 1,805 suites located in the Quebec City area and Shawinigan, as described in greater detail...
The Trust Units have not been, and will not be, registered under the United States Securities Act of 1933, as amended , or any state securities laws, and accordingly may not be offered, sold or delivered, directly or indirectly, within the United States of America, , its possessions and other areas subject to its jurisdiction, except pursuant to an exemption from the registration requirements of the 1933 Act.