Chartwell Seniors Housing completes C$185 million public offering and entry into the United States

Date Closed: 5/09/2006

Value: C$185 million

On May 9, 2006, Chartwell Seniors Housing Real Estate Investment Trust (the REIT) completed a public offering of 13,310,000 trust units at a price of $13.90 per unit for gross proceeds of $185,009,000. The offering was completed on a bought-deal basis and was underwritten by a syndicate of underwriters led by RBC Dominion Securities Inc. The proceeds of the offering will be used to fund certain acquisitions of seniors housing facilities in the US, Ontario, Quebec and British Columbia, to fund mezzanine loans to Spectrum Seniors Housing Development LP, to fund facility expansion projects and to repay indebtedness outstanding under the REIT's operating facility.

The REIT was represented by BLG on the offering with a team led by Paul Mingay that included Gordon Raman, Dyana McLellan and Paul Simon (corporate/securities) and Craig Webster (tax).