DBRS Finalizes Provisional Rating of BBB (low) on Chartwell Retirement Residences’ Senior Unsecured Debentures

DBRS Limited (DBRS) has today finalized its provisional rating of BBB (low) with a Stable trend on the $200 million 3.786% Series A Senior Unsecured Debentures due December 11, 2023 (the Series A Bonds) issued by Chartwell Retirement Residences (the Trust).

The Series A Bonds are unconditionally guaranteed by Chartwell Master Care LP on an unsecured basis and rank equally and rateably in right of payment with all other present and future unsecured and unsubordinated indebtedness of the Trust.

DBRS understands that the net proceeds from the offering will be used to fund a portion of the purchase price of the Caregard Acquisition, for potential future acquisitions, to repay a portion of existing indebtedness under the new credit facilities and for general trust purposes.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The related regulatory disclosures pursuant to the National In¬strument 25-101 Designated Rating Organizations are hereby in¬corporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

The principal methodologies are Rating Entities in the Real Estate Industry (April 2017) and DBRS Criteria: Guarantees and Other Forms of Support (February 2017), which can be found on dbrs.com under Methodologies.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.