Chartwell in the establishment of its $250-million at-the-market equity distribution program

On November 14, 2024, Chartwell Retirement Residences filed a prospectus supplement to establish an at-the-market equity distribution program (the ATM program). The ATM program allows Chartwell to issue trust units up to an aggregate sale price of $250 million from treasury to the public from time to time, through the Toronto Stock Exchange or any other permitted marketplace at the market prices prevailing at the time of sale.

Distributions of the trust units are made pursuant to the terms of an equity distribution agreement dated November 14, 2024, between Chartwell and TD Securities Inc. and Scotia Capital Inc. as agents.

Chartwell intends to use the net proceeds from the ATM program, if any, for future property acquisitions, development and redevelopment opportunities, repayment of indebtedness and general trust purposes.

Chartwell is an unincorporated, open-ended real estate trust which indirectly owns and operates a complete range of seniors housing communities, from independent living through to assisted living and long-term care. Chartwell is one of the largest operators in Canada, serving approximately 25,000 residents in four provinces across the country.

Osler, Hoskin & Harcourt LLP advised Chartwell with a team consisting of Rosalind Hunter, Jeremy Brisset, Wesley Cohen and Kiana Blake (Corporate) and David Davachi and Emily Gilmour (Tax).