Extendicare closes C$450 million private placement of investment grade senior unsecured notes

On April 14, 2026, Extendicare Inc. (“Extendicare”) announced the successful closing of its previously announced offering of C$450 million aggregate principal amount of 4.345% senior unsecured notes due April 14, 2031.

The offering was conducted on a private placement basis, and led by CIBC Capital Markets, as bookrunner, and BMO Capital Markets, as co-lead manager. The notes were assigned a final rating of BBB, with a stable trend, by Morningstar DBRS.

Net proceed of the offering were used by Extendicare to (i) repay in full the indebtedness owing under its term credit facility, and (ii) repay a portion of the indebtedness owing under its revolving credit facility, with the balance of the net proceeds expected to be used for working capital and other general corporate purposes, including the repayment of other existing indebtedness.

In conjunction with the debt repayment, Extendicare’s existing syndicated credit facilities were amended and restated to reflect an investment grade credit rating structure, including the release of all security previously granted to the lenders, such that Extendicare’s remaining revolving credit facility is senior unsecured debt that ranks equally and pari passu with the notes.

Further information can be found on Globe Newswire’s website.

Extendicare is a leading provider of care and services for seniors across Canada, operating under the Extendicare, ParaMed, Extendicare Assist, and SGP Purchasing Network brands. Extendicare operates a network of 99 long-term care homes (59 owned, 40 under management contracts), deliver approximately 24.0 million hours of home health care services annually, and provide group purchasing services to third parties representing approximately 153,600 beds across Canada.