Transaction|October 16, 2012
Regal Lifestyle Communities completes C$138.8 million initial public offering
Torys acted as counsel to the underwriters with a team that included Kevin Morris, Simon Knowling, Michael Zackheim and Christian Thatcher (corporate/securities), Sabrina Gherbaz and Andy Gibbons (real estate), Corrado Cardarelli and Catrina Card (tax) and Michael Fortier (environmental).
On October 16, 2012, Regal Lifestyle Communities Inc. (the Company) completed its initial public offering of 13,879,700 common shares at a price of C$10.00 per common share for gross proceeds of approximately C$138.8 million. The underwriters have an option to purchase up to an additional 2,081,955 common shares at a price of C$10.00 per common share for a period of 30 days after closing which, if exercised in full, would increase the total gross proceeds of the offering to approximately C$159.6 million. The offering was underwritten by a syndicate of underwriters co-led by CIBC World Markets Inc. and BMO Nesbitt Burns Inc. and including TD Securities Inc., RBC Dominion Securities Inc., Scotia Capital Inc., National Bank Financial Inc., Canaccord Genuity Corp., Desjardins Securities Inc. and Raymond James Ltd.
The Company used the proceeds of the offering to fund a portion of the acquisition of ten retirement communities. The aggregate purchase price for the ten retirement communities was approximately C$340.1 million, which was satisfied through the assumption of mortgage debt, and the issuance of new mortgage and term debt of approximately C$207.6 million, the issuance of 900,000 common shares and the balance in cash from the net proceeds of the offering.
Further information can be found on Canada Newswire's website.
The Company used the proceeds of the offering to fund a portion of the acquisition of ten retirement communities. The aggregate purchase price for the ten retirement communities was approximately C$340.1 million, which was satisfied through the assumption of mortgage debt, and the issuance of new mortgage and term debt of approximately C$207.6 million, the issuance of 900,000 common shares and the balance in cash from the net proceeds of the offering.
Further information can be found on Canada Newswire's website.