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Chartwell Announces $400 Million Offering of Senior Unsecured Debentures
Chartwell Announces $400 Million Offering of Senior Unsecured Debentures Canada NewsWir...
About this update from Chartwell Retirement Residences
[{"type":"text","content":"\n\n\n\n Chartwell Announces $400 Million Offering of Senior Unsecured Debentures\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n This news release constitutes a \"designated news release\" for the purposes of Chartwell Retirement Residences' prospectus supplement dated\n \n November 14, 2024\n \n to its short form base shelf prospectus dated\n \n April 30, 2024\n \n .\n \n\n\n\n /NOT FOR DISSEMINATION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n\n\n\n\n MISSISSAUGA, ON\n \n\n ,\n \n\n March 3, 2025\n \n\n /CNW/ - Chartwell Retirement Residences (\"Chartwell\") (TSX: CSH.UN) announced today that it has agreed to issue\n \n $400 million\n \n 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\n \n %\n \n per annum and will mature on\n \n May 6, 2028\n \n and (ii)\n \n $200 million\n \n 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\n \n %\n \n per annum and will mature on\n \n March 6, 2032\n \n . 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\n \n March 6, 2025\n \n , 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.\n \n\n\n\n\n\n\n\n\n Chartwell intends to use the net proceeds from the Offering to repay indebtedness, including indebtedness under its credi...