Sienna Senior closes $175-million debenture offering

Executive Summary

• Sienna Senior Living Inc. has completed the private placement of $175 million in aggregate principal amount of Series E senior unsecured debentures.
• The debentures carry an interest rate of 4.112% per annum and are scheduled to mature on August 21, 2030.
• Net proceeds will be utilized to repay existing indebtedness, finance acquisitions and developments, and for general corporate purposes.

Key Details

• Transaction Amount: $175 million aggregate principal amount.
• Instrument: Series E Senior Unsecured Debentures.
• Interest Rate: 4.112% per annum.
• Maturity Date: August 21, 2030.
• Issuance Price: Issued at par.
• Credit Rating: BBB (stable) by Morningstar DBRS.
• Lead Agents/Bookrunners: BMO Capital Markets, TD Securities Inc., and CIBC Capital Markets.
• Use of Proceeds: Repayment of existing indebtedness, financing of acquisitions, financing of developments, and general corporate purposes.
• Offering Structure: Sold via private placement in each of the provinces of Canada.

Notable Quotes

• "We are very pleased with the strong investor response to our debenture offering as we continue to expand our asset base... This successful financing highlights the growing interest in the senior living sector and the confidence investors have in Sienna and in our ability to deliver on our growth plans." — Nitin Jain, President and Chief Executive Officer