Retirement REIT Completes Bond Refinancing

On September 27, 2004, Retirement Residences Real Estate Investment Trust completed a C$90 million refinancing involving the issuance of a refunding bond secured against 29 of Retirement REIT’s retirement homes. Retirement REIT used the proceeds from the refunding bond to partially repay C$126 million owing under three series of maturing bonds secured against the same 29 properties. The refunding bond is governed by an amended trust indenture under which CIBC Mellon Trust Company acted as trustee. The proceeds advanced under the refunding bond were made available by CIBC and the Bank of Nova Scotia as co-lenders under a loan agreement in which CIBC also agreed to act as administrative agent for the lenders. The loan agreement permits the lenders to syndicate their interests.

Retirement REIT and its subsidiaries were represented in-house by Frank Cerrone, vice-president, general counsel and secretary, and by Goodmans LLP, with a team led by Stephen Pincus and including Justin Beber, Michelle Roth, Susan Zimmerman and Cristina Alaimo (corporate) and Ira Barkin (commercial real estate).

The lenders and the administrative agent were represented by Blake, Cassels & Graydon LLP with a team led by Chris Huband and David Kee.