Sienna Senior arranges $175-million debenture offering

Mr. Nitin Jain reports SIENNA ANNOUNCES OFFERING OF $175 MILLION OF 4.112% SERIES E SENIOR UNSECURED DEBENTURES AND CLOSING OF PREVIOUSLY ANNOUNCED ACQUISITION IN GREATER TORONTO AREA Sienna Senior Living Inc. has agreed to issue $175-million aggregate principal amount of Series E senior unsecured debentures. The debentures, which will be issued at par, will bear interest at a rate of 4.112 per cent per annum and will mature on Aug. 21, 2030. The debentures are being offered on a best effort agency basis by a syndicate of agents co-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 Aug. 21, 2025, subject to customary closing conditions. It is a condition of closing that the debentures be rated at least BBB with a stable trend by Morningstar DBRS. The debentures will be direct unsecured obligations of the company and will rank equally and rateably with all other present and future unsecured and unsubordinated indebtedness of the company. 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. Sienna also announced today that it has completed its previously announced $60.2-million acquisition of Credit River Retirement Residence, a 133-suite retirement residence in Streetsville, Ont., located within the Greater Toronto Area. The acquisition has an initial investment yield of 5.75 per cent and was completed at a discount to replacement cost. The company anticipates that it will achieve stabilized occupancy of 95 per cent within the first year of operations and believes it will benefit from synergies given the numerous properties owned by the company in the GTA. Sienna expects the acquisition to be immediately accretive to the company's adjusted funds from operations per share. "Sienna's debenture offering puts us in a strong position to pursue our continued growth plans," said Nitin Jain, president and chief executive officer. "We are excited that the offering coincides with the completion of another high-quality acquisition. Both transactions further strengthen our company at a time when Canada's aging population and limited new construction of senior living residences are expected to generate sustained demand for years to come." The offering is being made 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.