Sienna Senior closes $175-million debenture offering

Mr. Nitin Jain reports SIENNA ANNOUNCES COMPLETION OF $175 MILLION OFFERING OF 4.112% SERIES E SENIOR UNSECURED DEBENTURES Sienna Senior Living Inc. has completed its previously announced offering of $175-million aggregate principal amount of Series E senior unsecured debentures. The offering was led by BMO Capital Markets, TD Securities Inc. and CIBC Capital Markets as joint lead agents and bookrunners. The debentures were issued at par, bear interest at a rate of 4.112 per cent per annum and will mature on Aug. 21, 2030. The debentures are rated BBB (stable) by Morningstar DBRS. Sienna intends to use the net proceeds from the offering to repay existing indebtedness, to finance acquisitions, to finance developments and for general corporate purposes. "We are very pleased with the strong investor response to our debenture offering as we continue to expand our asset base," said Nitin Jain, president and chief executive officer. "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." The debentures were sold by way of a private placement in each of the provinces of Canada. About Sienna Senior Living Inc. Sienna Senior offers a full range of seniors living options, including independent living, assisted living and memory care under its Aspira retirement brand, long-term care, and specialized programs and services. Sienna's approximately 14,500 employees are passionate about cultivating happiness in daily life. We seek Safe Harbor.