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Sienna Senior Living Announces Closing of Common Share Offering for Gross Proceeds of Approximately $86 Million

NOT FOR DISTRIBUTION TO THE U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

MARKHAM, Ontario, March 23, 2022 (GLOBE NEWSWIRE) -- Sienna Senior Living Inc. (“Sienna” or the “Company”) (TSX:SIA) today announced that it has successfully completed the previously announced bought deal offering (the “Offering”) of common shares of the Company (“Common Shares”) to a syndicate of underwriters led by TD Securities Inc., as sole bookrunner, and including BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc., National Bank Financial Inc., Canaccord Genuity Corp., Raymond James Ltd., iA Private Wealth Inc. and Laurentian Bank Securities Inc. (collectively, the “Underwriters”).

A total of 5,750,000 Common Shares were issued at a price of $15.00 per Common Share for aggregate gross proceeds of $86,250,000. This includes gross proceeds from the full exercise of the over-allotment option granted to the Underwriters to purchase an additional 750,000 Common Shares.

The Company intends to use the net proceeds of the Offering to partially fund the previously announced acquisitions of (i) a 50% ownership interest in eleven seniors' living assets comprised of 1,048 private-pay suites in Ontario and Saskatchewan; (ii) a 50% ownership interest in a retirement residence comprised of 186 private-pay suites located in Saskatoon, Saskatchewan; and (iii) a seniors’ living residence comprised of 55 private-pay suites and 123 government-funded Class A long-term care beds located in Barrie, Ontario (collectively, the “Acquisitions”), and to pay the Company's expenses in connection with the Acquisitions.

Further details of the Offering and the Acquisitions are described in the final short form prospectus of the Company dated March 11, 2022 filed with Canadian securities regulators. A copy of the final prospectus is available under the Company’s profile on SEDAR at www.sedar.com.

The securities offered pursuant to the Offering have not and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.

ABOUT SIENNA SENIOR LIVING

Sienna Senior Living Inc. (TSX:SIA) offers a full range of seniors' living options, including independent living, assisted living, long-term care, and specialized programs and services. Sienna's approximately 12,000 employees are passionate about helping residents live fully every day. For more information, please visit www.siennaliving.ca.

FORWARD-LOOKING STATEMENTS

This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as “intend”, “anticipate”, “project”, “expect”, “believe”, “plan”, “will”, “may” “estimate” and other similar expressions. These statements are based on the Company’s expectations, estimates, forecasts and projections and include, without limitation, statements with respect to the intended use of proceeds of the Offering and the expected closing of the Acquisitions. The forward-looking statements in this news release are based on certain assumptions, including that all conditions to completion of the Acquisitions will be satisfied or waived. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading “Risk Factors” in the Company’s annual information form for the year ended December 31, 2021 available at www.sedar.com and in the Company’s final short form prospectus dated March 11, 2022. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update any such statement, whether as a result of new information, future events or otherwise.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Karen Hon
Chief Financial Officer and Senior Vice President
(905) 489-0254
[email protected]

Nancy Webb
Senior Vice President, Public Affairs and Marketing
(905) 489-0788
[email protected]

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