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Leisureworld Senior Care Corp Announces Portfolio Acquisition Of Ontario Long-Term Care And Retirement Residences, $108.5 Million Public Offering And Appointment Of Chief Executive Officer

Thursday, 4 Apr 2013 03:27pm EDT 

Leisureworld Senior Care Corp announced that it has entered into acquisition agreements to acquire from Specialty Care Inc., Specialty Care Investments Inc. (collectively Specialty Care) and certain other parties, a portfolio of 10 properties in Ontario consisting of 6 long-term care (LTC) homes, 2 retirement residences and 2 properties containing both LTC and retirement residences components. The Acquisition comprises in total 1,235 LTC beds and 326 retirement suites, as well as the third party seniors living management business operated by Specialty Care Inc.. The aggregate gross purchase price is approximately $254 million, which does not reflect a mark-to-market adjustment on assumed debt as of the closing, currently estimated at $10 million. In conjunction with this transaction, the Company also announced an agreement to sell, on a bought deal basis, $68.5 million of subscription receipts and $40.0 million of aggregate principal amount of extendible convertible unsecured subordinated debentures. Leisureworld Senior Care Corp also announced the appointment of Lois Cormack as President and Chief Executive Officer (CEO), effective April 22, 2013. 

Company Quote

0.12 +0.87%
24 Dec 2014