Leisureworld Senior Care Corporation (TSX:LW) (“Leisureworld”) acquired three luxury retirement residences located in the Greater Vancouver Area and their related businesses for a purchase price of approximately $119.8 million.
A portion of the purchase price was funded from the net proceeds of Leisureworld's recently completed $56.4 million public offering of subscription receipts. The bought deal was underwritten by a syndicate of underwriters led by TD Securities Inc. and including BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., CIBC World Markets Inc., Scotia Capital Inc., Macquarie Capital Markets Canada Ltd., Canaccord Genuity Corp., Raymond James Ltd. and HSBC Securities (Canada) Inc. $52.1 million of the purchase price was financed by term loans provided by Bank of Montreal.
Leisureworld is the third largest licensed long-term care provider in Ontario.
Gowling Lafleur Henderson LLP advised Leisureworld in the acquisition, public offering of subscription receipts and debt financing with a team that included Jenny Chu Steinberg and Steven Cutler (corporate/securities); Phillip Marshall, Irene Stewart and Scott Ferguson (commercial and real estate); Rachel Conway (financial services); Harry Dahme and Scott Smith (environmental); Michael Schalke (employment); Simon Hitchens (intellectual property) and Brent Kerr, Gloria Geddes, Michael Bussmann and Helena Plecko (tax).
Torys LLP represented the underwriters with a team that included Phil Symmonds, James Miller and Robbie Leibel (corporate/securities); Graham Rawlinson and Miriam Levin (real estate); Michael Fortier (environmental) and Catrina Card (tax).
Bank of Montreal was represented by Davies Ward Phillips & Vineberg LLP with a team that included Derek Vesey and Benjamin Sormonte (financial services) and David Reiner (real estate).
The vendors were represented by Kane, Shannon & Weiler with a team that included William Weiler and Darlene Dort and by Bennett Jones LLP with a team that included David Finlay, QC.