Regal announces completion of plan of arrangement and issues redemption notice for outstanding convertible debentures

TORONTO, Oct. 26, 2015 /CNW/ - Regal Lifestyle Communities Inc. (TSX: RLC) ("Regal") today announced that it has completed its previously announced plan of arrangement under the Business Corporations Act (Ontario) (the "Arrangement") with Revera Inc. ("Revera"), Welltower Inc. (formerly known as Health Care REIT, Inc.) ("Welltower") and HCN-Revera Joint Venture ULC (the "Purchaser"), a joint investment vehicle of Revera and Welltower. The Arrangement, which was announced on June 18, 2015, was approved by shareholders of Regal at the special meeting of shareholders held on August 18, 2015.

Pursuant to the terms of the Arrangement, the Purchaser acquired all of the issued and outstanding common shares of Regal for CAD$12.00 per share in cash.

In addition, pursuant to a notice of redemption sent today under the trust indenture between Regal and Computershare Trust Company of Canada, dated October 2, 2013 as amended pursuant to the first supplemental indenture between Regal and Computershare Trust Company of Canada dated October 16, 2015, the 6.0% convertible unsecured subordinated debentures of Regal due December 31, 2018 (the "Debentures") will be redeemed on November 4, 2015 (the "Redemption Date") for cash at a redemption price of 129.5% of the aggregate principal amount thereof, plus accrued but unpaid interest up to, but not including, the Redemption Date. The amendments to the trust indenture were approved by holders of Debentures at a meeting of Debentureholders held on August 20, 2015.

It is expected that the common shares of the Company will be delisted from the Toronto Stock Exchange on October 27, 2015 and that the Debentures will be delisted from the Toronto Stock Exchange on November 4, 2015 concurrently with their redemption.

Shareholders with questions about submitting their securities to the Arrangement, including with respect to completing the applicable letter of transmittal, can contact Computershare Investor Services Inc. toll free (North America) at 1-800-564-6253 or outside North America at 1-514-982-7555 or by email at [email protected]. Holders of Debentures with questions can contact Shorecrest Group Ltd. by telephone at 1-888-637-5789 (toll free in North America) or 1-647-931-7454 (collect outside North America) or by email at [email protected]. Further information regarding the Arrangement is also available in the Company's management information circulars and other disclosure documents available on SEDAR (www.sedar.com).

About Regal Lifestyle Communities Inc.

Regal Lifestyle Communities Inc. is a corporation incorporated under the laws of the Province of Ontario which owns a portfolio of retirement communities offering a continuum of care from independent serviced living to a full range of assisted living programs. The Company's portfolio is comprised of 23 private pay retirement communities, consisting of over 3,600 suites, primarily located in the Province of Ontario and including communities located in each of the Provinces of British Columbia, Saskatchewan, Quebec and Newfoundland and Labrador.

SOURCE Regal Lifestyle Communities Inc.

Frank Cerrone, Secretary, Regal Lifestyle Communities Inc., (Phone # [phone])