Sienna Senior Living closes bought deal equity offering of approximately C$144 million

Torys acted as counsel to Sienna Senior Living with a team that included Michael Zackheim, Christopher Tworzyanski, Sarah Rimer (securities), Richard Johnson and Ian Farndon (tax).

On February 27, 2025, Sienna Senior Living Inc. (“Sienna”) announced the successful completion of its previously announced bought deal offering of common shares to a syndicate of underwriters led by TD Securities Inc., as sole bookrunner, and which included BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc., National Bank Financial Inc., Desjardins Securities Inc., Canaccord Genuity Corp., Raymond James Ltd., Cormark Securities Inc. and iA Private Wealth Inc.

A total of 9,108,000 common shares were issued under the offering at a price of C$15.80 per share for aggregate gross proceeds of C$143,906,400. This includes gross proceeds from the full exercise of the over-allotment option granted to the underwriters to purchase an additional 1,188,000 common shares.

Sienna intends to use the net proceeds of the offering (i) to fund its previously announced acquisitions of Wildpine Residence, a 165-suite retirement residence in the Ottawa suburb of Stittsville, and Cawthra Gardens, a 192-bed Class A long-term care home in Mississauga, Ontario; and (ii) for general corporate purposes, which include financing strategic growth initiatives such as future acquisition opportunities.

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

Sienna offers a full range of senior living options, including independent living, assisted living and memory care under its Aspira retirement brand, long-term care, and specialized programs and services.