Sienna Announces Offering of $150 Million Aggregate Amount of 4.436% Series D Senior Unsecured Debentures

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MARKHAM, Ontario, September 10, 2024 (GLOBE NEWSWIRE) — Sienna Senior Living Inc. (“Sienna” or the “Company(TSX: SIA) today announced that it has agreed to issue $150 million aggregate principal amount of Series D senior unsecured notes (the “Bonds”). The bonds, which are issued at par, bear interest at 4.436% per annum and mature on October 17, 2029. The bonds are offered (the “To offer”) on a best efforts agency basis by a syndicate of agents, jointly led by BMO Nesbitt Burns Inc., TD Securities and CIBC Capital Markets, as joint lead agents and bookrunners. The offering is expected to close on or about October 17, 2024, subject to customary closing conditions. A condition of closing is that the Notes are rated at least “BBB” with a “Stable” trend by Morningstar DBRS. The Notes will be direct unsecured obligations of the Company and will rank equally and proportionately with all other present and future unsecured and senior indebtedness of the Company.

Sienna intends to use the net proceeds from the Offering to repay existing indebtedness and for general corporate purposes.