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Press release from Marketwire

Chartwell Seniors Housing Real Estate Investment Trust Completes $130 Million Equity Offering

Friday, October 29, 2010

Chartwell Seniors Housing Real Estate Investment Trust Completes $130 Million Equity Offering09:14 EDT Friday, October 29, 2010MISSISSAUGA, ONTARIO--(Marketwire - Oct. 29, 2010) - NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICESChartwell Seniors Housing Real Estate Investment Trust (TSX:CSH.UN) ("Chartwell") announced today the closing of its previously announced public offering of 13,775,000 trust units (the "Units") at a price of $9.45 per Unit for gross proceeds of $130,173,750 (the "Offering"). The Offering was completed through a syndicate of investment dealers led by RBC Capital Markets.It is intended that the net proceeds from the Offering will be utilized by Chartwell to redeem Chartwell's $124,925,000 6.0% convertible unsecured debentures, which mature on December 1, 2011 with a par call date of December 1, 2010 (the "Debentures") and for general trust purposes.The redemption price in respect of the Debentures has been determined in accordance with the provisions of the trust indenture, dated November 28, 2006 governing the terms of the Debentures. The redemption price will be paid in cash and is $1,000 per Debenture together with accrued and unpaid interest on the Debentures up to, but not including, the redemption date. The redemption date is expected to be on or about December 3, 2010.A notice of redemption was mailed today to CDS Clearing and Depository Services Inc. ("CDS") and the trustee, Computershare Trust Company of Canada. Non-registered holders (banks, brokerage firms or other financial institutions) who maintain their interests in the Debentures through CDS should contact their CDS customer service representative with any questions about the redemption. Alternatively, beneficial holders with any questions about the redemption should contact their respective brokerage firm or financial institution, which holds interests in the Debentures through CDS on their behalf.This press release is not an offer to sell, or a solicitation of an offer to buy, any securities. The securities referred to in this press have not been and will not be registered under the U.S. Securities Act of 1933, as amended and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act of 1933.Chartwell is a real estate investment trust focused on generating sustainable, stable and growing cash distributions from owning and managing a complete range of seniors housing communities. It is one of the largest participants in the North American seniors housing business. Chartwell's aim is to capitalize on the strong demographic trends present in its markets to maximize the value of its existing portfolio of seniors housing facilities, and prudently avail itself of opportunities to grow internally and through accretive acquisitions. Chartwell's Distribution Reinvestment Plan (DRIP) allows Unitholders to have their monthly cash distributions used to purchase units without incurring commission or brokerage fees, and receive bonus units equal to 3% of their monthly cash distributions. More information can be obtained at www.chartwellreit.ca.This press release contains forward-looking information that reflect the current expectations of management about the future results, performance, achievements, prospects or opportunities for Chartwell and the seniors housing industry. These statements generally can be identified by use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "believe", "project", "should" or "continue" or the negative thereof or similar variations. 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 Chartwell's control 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 have an intention 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 estimated 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, including the failure of Chartwell to redeem the Debentures in a manner consistent with management's 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 MD&A 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: Vlad VolodarskiChartwell Seniors Housing Real Estate Investment TrustChief Financial Officer(905) 501-4709(905) 501-4710 (FAX)vvolodarski@chartwellreit.ca