Extendicare Announces Closing of $450 Million Inaugural Offering of Investment Grade Senior Unsecured Notes

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MARKHAM, Ontario, April 14, 2026 (GLOBE NEWSWIRE) — Extendicare Inc. (“Extendicare” or the “Company”) (TSX: EXE) announced today the successful closing of its previously announced offering (the “Offering”) of $450 million aggregate principal amount of 4.345% senior unsecured notes due April 14, 2031 (the “Notes”). The Notes have been assigned a final rating of BBB, with a stable trend, by Morningstar DBRS.

The Company used approximately $427.7 million of the net proceeds of the Offering to (i) repay in full the indebtedness owing under its term credit facility, and (ii) repay a portion of the indebtedness owing under its revolving credit facility, with the balance of the net proceeds expected to be used for working capital and other general corporate purposes, including the repayment of other existing indebtedness.

In conjunction with the debt repayment, Extendicare’s existing syndicated credit facilities have been amended and restated to reflect an investment grade credit rating structure, including the release of all security previously granted to the lenders, such that the Company’s remaining revolving credit facility will be senior unsecured debt that ranks equally and pari passu with the Notes.

The Notes have not been and will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act”), or under any state securities laws in the United States, and may not be offered, sold, directly or indirectly, or delivered within the United States except in certain transactions exempt from or not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or a solicitation of an offer to buy the Notes in the United States or in any other jurisdiction where such offer is or may be unlawful.

About Extendicare

Extendicare is a leading provider of care and services for seniors across Canada, operating under the Extendicare, ParaMed, Extendicare Assist, and SGP Purchasing Network brands. We are committed to delivering quality care to meet the needs of the growing seniors’ population, inspired by our mission to provide people with the care they need, wherever they call home. We operate a network of 99 long-term care homes (59 owned, 40 under management contracts), deliver approximately 24.0 million hours of home health care services annually, and provide group purchasing services to third parties representing approximately 153,600 beds across Canada. Extendicare proudly employs approximately 31,500 and manages an additional 5,000 individuals through its joint ventures, all of whom are highly qualified, trained and dedicated team members who are passionate about providing high-quality care and services to help people live better.

Forward-Looking Statements

Information provided by Extendicare from time to time, including this release, contains or may contain forward-looking statements concerning anticipated future events, results, circumstances, economic performance or expectations with respect to Extendicare and its subsidiaries, including, without limitation: statements regarding the anticipated use of the balance of the net proceeds from the Offering, and statements regarding its dividend levels, business operations, business strategy, growth strategy, results of operations and financial condition. Forward-looking statements can often be identified by the expressions “anticipate”, “believe”, “estimate”, “expect”, “intend”, “objective”, “plan”, “project”, “will”, “may”, “should” or other similar expressions or the negative thereof. These forward-looking statements reflect the Company’s current expectations regarding future results, performance or achievements and are based upon information currently available to the Company and on assumptions that the Company believes are reasonable. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to differ materially from those expressed or implied in the statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on Extendicare’s forward-looking statements. Further information can be found in the disclosure documents filed by Extendicare with the securities regulatory authorities, available at www.sedarplus.ca and on Extendicare’s website at www.extendicare.com. Except as required by applicable securities laws, the Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Extendicare contact:
David Bacon, Executive Vice President and Chief Financial Officer
T: (905) 470-4000
E: david.bacon@extendicare.com
www.extendicare.com