Transaction|April 25, 2013
Leisureworld closes public offering of subscription receipts and extendible convertible unsecured subordinated debentures
Torys acted as counsel to a syndicate of underwriters led by TD Securities with a team that included Philip Symmonds, Jim MIller, Josh Lavine, Graham Rawlinson, Michael Fortier and Catrina Card.
On April 25, 2013, Leisureworld Senior Care Corporation (Leisureworld) announced the completion of its previously announced bought deal offering of subscription receipts and extendible convertible unsecured subordinated debentures. The syndicate of underwriters, led by TD Securities Inc., exercised the over-allotment option in full, resulting in a total of 6,353,750 subscription receipts and C$46 million aggregate principal amount of debentures being issued for total gross proceeds of C$124,786,500.
The net proceeds of the offering will be used in part to finance a portion of the purchase price of the previously announced acquisition of a portfolio of 10 properties in Ontario, which is expected to close in the fourth quarter of 2013.
Leisureworld Senior Care Corporation is Canada's fifth largest operator of seniors' housing and the third largest licensed LTC provider in Ontario, which owns and operates 27 LTC homes across Ontario with 4,474 beds.
Further information can be found on Marketwire's website.
The net proceeds of the offering will be used in part to finance a portion of the purchase price of the previously announced acquisition of a portfolio of 10 properties in Ontario, which is expected to close in the fourth quarter of 2013.
Leisureworld Senior Care Corporation is Canada's fifth largest operator of seniors' housing and the third largest licensed LTC provider in Ontario, which owns and operates 27 LTC homes across Ontario with 4,474 beds.
Further information can be found on Marketwire's website.