Chartwell Retirement Residences (Chartwell) announced that it has agreed to issue $250 million aggregate principal amount of Series C senior unsecured debentures (the Debentures). The Debentures will bear interest at a rate of 6.000% per annum and will mature on December 8, 2026. 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 Nesbitt Burns Inc. and CIBC World Markets Inc. as joint bookrunners. The offering is expected to close on December 8, 2023, subject to satisfaction of customary closing conditions. DBRS Limited has assigned a provisional rating of "BBB (low)" with a "Stable" trend to the Debentures.

It is a condition to the closing of the offering that DBRS Limited assigns a final rating to the Debentures of "BBB (low)" with a "Stable" trend. The company intends to use the net proceeds from this offering to repay its maturing 3.786% Series A senior unsecured debentures and for general trust purposes, including the repayment of a portion of existing indebtedness under its secured credit facility.