MISSISSAUGA, ON--(Marketwired - April 08, 2016) -  Chartwell Retirement Residences ("Chartwell") (TSX: CSH.UN) announced today that it will issue a notice of redemption to holders of its 5.7% convertible unsecured subordinated debentures due March 31, 2018 (the "Series 2012-1 Debentures") on April 12, 2016, representing a redemption in full of all of the currently outstanding Series 2012-1 Debentures. The Series 2012-1 Debentures will be redeemed on May 16, 2016 (the "Redemption Date"), in accordance with their terms, at a total redemption amount of $1,000 (the "Redemption Price") plus accrued and unpaid interest of $7.0082 up to but excluding the Redemption Date, both per $1,000 principal amount.

Pursuant to the terms of the trust indenture and the supplemental trust indenture governing the Series 2012-1 Debentures (collectively, the "Trust Indenture"), holders of the Series 2012-1 Debentures shall have the right until 4:00 p.m. on the last business day prior to the Redemption Date (the "Conversion Deadline") to convert their Series 2012-1 Debentures into Units in accordance with the Trust Indenture, at a conversion price of $11.00 per Unit, being a rate of approximately 90.9091 Units per $1,000 principal amount of Series 2012-1 Debentures. Based on the conversion price, Chartwell expects that holders will convert their Series 2012-1 Debentures by the Conversion Deadline.

To the extent that there are any unconverted Series 2012-1 Debentures outstanding on the Redemption Date, Chartwell intends to elect to issue Units of Chartwell ("Units") to satisfy the Redemption Price, in an amount obtained by dividing the aggregate principal amount of Series 2012-1 Debentures by 95% of the current market price of the Units on the Redemption Date, and the accrued and unpaid interest on such unconverted Series 2012-1 Debentures will be paid in cash. As at the close of trading on April 7, 2016, the aggregate principal amount of the Series 2012-1 Debentures outstanding was $134,563,000.

About Chartwell

Chartwell is an unincorporated, open-ended trust which indirectly owns and operates a complete range of seniors housing communities from independent supported living through assisted living to long term care. It is the largest owner and operator of seniors residences in Canada. Chartwell's aim is to capitalize on the strong demographic trends present in its markets to maximize the value of its existing portfolio of retirement residences, and prudently avail itself of opportunities to grow internally and through accretive acquisitions. More information can be obtained at www.chartwell.com.