07:42 AM EST, 03/04/2025 (MT Newswires) -- Chartwell Retirement Residences (CSH-UN.TO), which rose 2.7% and hit 52 week highs yesterday, overnight Monday agreed to issue $400 million aggregate principal amount of senior unsecured debentures.

A statement noted the offering includes $200 million aggregate principal amount of Series E senior unsecured debentures, that will bear interest at a rate of 3.650 % per annum and will mature on May 6, 2028 and also $200 million aggregate principal amount of Series F senior unsecured debentures, that will bear interest at a rate of 4.5% per annum and will mature March 6, 2032.

The offering is expected to close on March 6, 2025, subject to satisfaction of customary closing conditions. DBRS Limited has assigned provisional ratings of "BBB (low)" with a "Stable" trend to the Debentures. It is a condition to the closing of the Offering that DBRS Limited assigns final ratings to the Debentures of "BBB (low)" with a "Stable" trend.

Chartwell intends to use the net proceeds from the Offering to repay indebtedness, including indebtedness under its credit agreements and term loan and the remainder, if any, to finance future acquisitions.