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Goodmans Deals & Cases

This section contains brief summaries of selected significant cases and transactions.  You'll also find representative lists  - by year - of major transactions and cases where Goodmans' involvement is a matter of public record or where inclusion in the list has been authorized by our clients.

Leisureworld Completes Offering of Subscription Receipts and Debentures

2013

Areas Corporate Finance and Securities, Environmental Law, Health Care Law, Tax

Summary

Goodmans LLP represented Leisureworld Senior Care Corporation (“Leisureworld”) in its completion of a bought deal offering of subscription receipts and extendible convertible unsecured subordinated debentures. The syndicate of underwriters, led by TD Securities Inc., and including BMO Nesbitt Burns Inc. CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc., Canaccord Genuity Corp., Raymond James Ltd., Macquarie Capital Markets Canada Ltd. and National Bank Financial Inc. exercised the over-allotment option in full, resulting in a total of 6,353,750 subscription receipts and $46 million aggregate principal amount of debentures being issued for total gross proceeds of $124,786,500.

The net proceeds of the offering will be used in part to finance a portion of the purchase price of the previously announced acquisition of a portfolio of 10 properties in Ontario, which is expected to close in the fourth quarter of 2013.

Leisureworld is Canada’s fifth largest operator of seniors’ housing and the third largest licensed long-term care provider in Ontario. Leisureworld owns and operates 27 long-term care across Ontario with 4,474 beds as well as five retirement residences and one independent living residence, representing 739 suites, in Ontario and British Columbia.