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MARKHAM, ON, May 17, 2021 / CNW / – Sienna Senior Living Inc. (“Sienna“) (TSX: SIA) announced today that it has committed to issue $ 125 million aggregate principal amount of the Series C Senior Unsecured Debentures (the “Debentures“). The debentures will bear interest at a rate of 2.82% per annum and mature on March 31, 2027. The debentures are offered (the”Offer“) on a best efforts agency basis by a syndicate of agents led by TD Securities, BMO Nesbitt Burns Inc. and CIBC Capital Markets, as co-principal agents and bookkeepers. close on or around June 3, 2021, subject to the satisfaction of the usual closing conditions. DBRS Limited has assigned a provisional rating of “BBB” with a “stable” trend to the Debentures. Closing of the Offering is conditional on DBRS Limited assigning a final rating to the Debentures of “BBB” with a trend of “Stable”.
Sienna intends to use the net proceeds of the Offering to repay existing debt and for general corporate purposes.
The Offer is being made by way of a private placement in each of the provinces of Canada.
The Debentures have not been registered under the US Securities Act of 1933, as amended, and may not be offered or sold in United States lack of registration or an applicable exemption from registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of the Debentures in any jurisdiction where such an offer, solicitation or sale would be illegal.
About Sienna Senior Living
Sienna Senior Living Inc. (TSX: SIA) offers a full range of senior living options, including independent living, assisted living, long term care, and specialized programs and services. Sienna’s approximately 13,000 employees are passionate about helping residents live life to the fullest every day. For more information, please visit www.sienneliving.ca.
This press release may contain forward-looking statements (within the meaning of applicable securities laws) relating to Sienna’s business and the environment in which it operates. Forward-looking statements are identified by words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “plan”, “may”, “may”, ” estimate ”,“ pro forma ”and other similar expressions. These statements are based on Sienna’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding the intended use of the product and the closing date of the offer. The forward-looking statements contained in this press release are based on certain assumptions, in particular that all the conditions to the completion of the offer will be met 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 forward-looking statements, including, but not limited to, the factors described under “Risk Factors” in the most recent Annual Information Form. by Sienna available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate, as actual results may differ materially from those expressed in such forward-looking statements. Therefore, readers should not place undue reliance on these forward-looking statements. Further, these forward-looking statements are made as of the date of this press release and, except as expressly required by applicable law, Sienna assumes no obligation to publicly update any such statement, whether as a result of new information, future events or otherwise. .
SOURCE Sienna Senior Living Inc.
For further information: Karen Hon, Chief Financial Officer and Senior Vice President, (905) 489-0254, [email protected]; Nancy Webb, Senior Vice President, Public Affairs and Marketing, (905) 415-7623, [email protected]