Opérations et transactions|2 octobre 2013
Regal Lifestyle Communities Inc. announces completion of its public offering and private placement of common shares
Torys acted as counsel to the underwriters led by CIBC World Markets with a team that included Kevin Morris, Michael Zackheim, Christian Thatcher (corporate/securities), Michael Fortier (environmental), Andy Gibbons (real estate) and Grace Pereira (tax).
On October 2, 2013, Regal Lifestyle Communities Inc. (Regal) announced that it completed its previously announced public offering with a syndicate of underwriters, co-led by CIBC and TD Securities, on a bought deal basis of C$25 million aggregate principal amount of 6.00% convertible unsecured subordinated debentures due December 31, 2018. The debentures are convertible at the option of the holder, into common shares of Regal at a price of C$9.75 per common share.
Concurrent to the closing of the debenture offering, Regal also completed the private placement of approximately 1.76 million common shares to a corporation controlled by Moray Tawse, a director and shareholder of Regal, at a price of C$7.10 per common share for total proceeds of approximately C$12.5 million. Mr. Tawse now holds, directly or indirectly, approximately 12% of the issued and outstanding common shares of Regal.
The aggregate net proceeds from the debenture offering and concurrent private placement will be used by the Company to partially fund the acquisition of four retirement homes located in Southern Ontario from Community Lifecare Inc. and certain of its affiliates and for general corporate purposes.
Further information can be found on Canada Newswire's website.
Concurrent to the closing of the debenture offering, Regal also completed the private placement of approximately 1.76 million common shares to a corporation controlled by Moray Tawse, a director and shareholder of Regal, at a price of C$7.10 per common share for total proceeds of approximately C$12.5 million. Mr. Tawse now holds, directly or indirectly, approximately 12% of the issued and outstanding common shares of Regal.
The aggregate net proceeds from the debenture offering and concurrent private placement will be used by the Company to partially fund the acquisition of four retirement homes located in Southern Ontario from Community Lifecare Inc. and certain of its affiliates and for general corporate purposes.
Further information can be found on Canada Newswire's website.