Retirement REIT Completes Debenture Offering

On April 5, 2005, Retirement Residences Real Estate Investment Trust, the largest provider of accommodation and care for seniors in Canada, completed a $200 million convertible debenture offering. The bought deal offering was led by CIBC World Markets Inc., co-led by Scotia Capital Inc. and included RBC Dominion Securities Inc., TD Securities Inc., BMO Nesbitt Burns Inc., Canaccord Capital Corp., National Bank Financial Inc. and HSBC Securities (Canada) Inc. The net proceeds of the offering will be used by Retirement REIT to satisfy the payment due on existing debentures and for general corporate purposes.

Retirement REIT was represented in-house by Frank Cerrone, vice-president, general counsel and secretary, and was assisted by Goodmans LLP with a team that included Stephen Pincus, Sheldon Freeman, Mark Spiro and Corie Garbati (corporate); Neal Armstrong and Carl MacArthur of Davies Ward Phillips & Vineberg LLP acted as tax counsel.

The underwriters were represented by Torys LLP with a team that included Pat Koval, Christopher Fowles and Andrew Lannon (corporate) and Lucia ten Kortenaar and Catrina Card (tax).