On February 4, 2010, Extendicare Real Estate Investment Trust (TSX: EXE.UN) closed its previously announced public offering of 9,228,750 trust units of the REIT, including the exercise in full of an over-allotment option of 1,203,750 REIT units, at C$9.35 per REIT unit for aggregate gross proceeds of approximately $86.3 million to a syndicate of underwriters led by RBC Capital Markets.
The net proceeds of the offering will provide the REIT with greater balance sheet flexibility and liquidity and will be used by the REIT to repay indebtedness, to fund redevelopment of the REIT's existing properties and for general purposes.