Retirement REIT Completes Offering

On August 6, 2003, Retirement Residences Real Estate Investment Trust completed a $165 million offering of 8.25 per cent convertible unsecured subordinated debentures due on January 31, 2011. The offering was made on a bought deal basis through a syndicate of underwriters co-led by CIBC World Markets Inc. and Scotia Capital Inc., and including RBC Dominion Securities Inc., TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc., Desjardins Securities Inc. and Raymond James Ltd. The net proceeds of the offering will be used by the REIT to make acquisitions and reduce outstanding indebtedness under existing credit facilities.

The REIT was represented in-house by Frank Cerrone, vice-president, general counsel and secretary; by Goodmans LLP with a team that included Stephen Pincus, Sheldon Freeman, Meredith Roth, Joel Monson and Mark Spiro; and by John Zinn and Neal Armstrong (tax) of Davies Ward Phillips & Vineberg LLP. The underwriters were represented by Torys LLP, with a team that included Patricia Koval, Chris Fowles, Karen Burke, Harry Gousopoulos and Ann Marie McGovern.