Sienna Senior Living arranges $250M debenture offering

Executive Summary

• Sienna Senior Living Inc. announced a $250 million private placement of Series F senior unsecured debentures bearing interest at 3.524% per annum, maturing on December 18, 2028.
• The company intends to use the net proceeds from this offering to finance the early redemption of its entire $175 million outstanding balance of Series B senior unsecured debentures.
• Sienna has issued a notice of redemption for the Series B debentures, with a record date of December 17, 2025, and a redemption date of December 22, 2025.

Key Details

• Financing Structure:
  • Instrument: Series F Senior Unsecured Debentures.
  • Aggregate Principal Amount: $250 million.
  • Interest Rate: 3.524% per annum.
  • Maturity Date: December 18, 2028.
  • Issue Price: Par.
  • Offering Method: Private placement in each province of Canada.
  • Agents: Best efforts agency basis co-led by BMO Nesbitt Burns Inc., TD Securities, and CIBC Capital Markets as joint lead agents and bookrunners.
  • Closing Conditions: Subject to customary closing conditions; debentures must be rated at least BBB with a stable trend by Morningstar DBRS.
  • Expected Closing Date: On or about December 18, 2025.
• Use of Proceeds:
  • Primary use: Finance the early redemption of all $175 million aggregate principal amount of Series B senior unsecured debentures.
  • Secondary use: General corporate purposes.
• Redemption of Series B Debentures:
  • Outstanding Principal: $175 million.
  • Current Interest Rate: 3.450% per annum.
  • Original Maturity: February 27, 2026.
  • Record Date: December 17, 2025.
  • Redemption Date: December 22, 2025.
  • Redemption Price: Approximately $1,000.39498 per $1,000 principal amount, plus accrued and unpaid interest of approximately $11.0589041.
  • Status: Debentures will cease to be outstanding after the redemption date.