Sienna Senior Living completes C$144 million public equity offering

On August 28, 2024, Sienna Senior Living Inc. (“Sienna”) announced that it successfully completed its previously announced bought deal offering of common shares to a syndicate of underwriters led by TD Securities Inc., as sole bookrunner, and including BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc., National Bank Financial Inc., Desjardins Securities Inc., Raymond James Ltd., Canaccord Genuity Corp., Cormark Securities Inc. and iA Private Wealth Inc. (collectively, the “Underwriters”).

A total of 9,591,000 common shares were issued at a price of C$15.00 per common share for aggregate gross proceeds of C$143,865,000. This includes gross proceeds from the full exercise of the over-allotment option granted to the Underwriters to purchase an additional 1,251,000 common shares.

Sienna intends to use the net proceeds of the offering (i) to fund the approximately C$15 million equity purchase price for its previously announced acquisition of the remaining 30% ownership interest in Nicola Lodge, a 256-bed best-in-class long-term care community in Port Coquitlam, British Columbia; and (ii) for general corporate purposes, which primarily include financing strategic growth initiatives including previously announced long-term care developments and future acquisition opportunities.

Further information can be found on Globe Newswire’s website.

Sienna offers a full range of seniors' living options, including independent living, assisted living, long-term care, and specialized programs and services.