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Chartwell Retirement launches C$200M debenture offering

Chartwell Retirement Residences launched a private placement of C$200 million of series A senior unsecured debentures, to be offered on a reasonable best efforts agency basis.

The debentures, due Dec. 11, 2023, will bear interest at 3.786% per annum and will be unconditionally guaranteed by Chartwell Master Care LP.

The company aims to use the net proceeds to partly finance its acquisitions of three retirement residences in Ontario, for possible other purchases, to partly repay outstanding debt under its new credit facilities and for general trust purposes.

The offering is slated to close by June 9.

CIBC Capital Markets and BMO Capital Markets co-lead the syndicate of agents for the offering, with CIBC Capital also acting as sole book runner.