Sienna Senior Living Closes Successful Common Share Offering
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Sienna Senior Living Closes Successful Common Share Offering
Sienna Senior Living Inc. (“Sienna” or the “Company”) (TSX:SIA) has successfully completed a notable offering of common shares, achieving gross proceeds approximating $144 million. This remarkable milestone underscores the Company’s robust standing in the senior living sector, bolstered by its strategic initiatives aimed at expanding its service offerings and operational footprint.
Details of the Share Offering
The Company issued a total of 9,591,000 Common Shares priced at $15.00 each, which resulted in aggregate gross proceeds of $143,865,000. This figure includes proceeds from the complete exercise of the over-allotment option, allowing the syndicate of underwriters to purchase an additional 1,251,000 shares. The offering was led by TD Securities Inc. as the sole bookrunner, along with notable underwriters such as BMO Nesbitt Burns Inc., CIBC World Markets Inc., and RBC Dominion Securities Inc.
Usage of Proceeds from the Offering
Sienna intends to utilize the net proceeds from this offering strategically. A significant portion will be allocated towards funding the remaining 30% ownership interest in Nicola Lodge, a distinguished long-term care community featuring 256 beds. The total equity purchase price for this acquisition is estimated at about $15 million. Additionally, the Company plans to use a portion of the funds for general corporate purposes, which encompass financing strategic growth initiatives, including anticipated long-term care developments and potential future acquisitions.
Company Overview
Sienna Senior Living Inc. (TSX:SIA) offers a comprehensive spectrum of senior living options tailored to meet the diverse needs of its residents. This includes independent living, assisted living, memory care under its Aspira retirement brand, and specialized long-term care programs. With approximately 12,500 dedicated employees, Sienna strives to cultivate happiness and well-being in the daily lives of its residents.
Commitment to Quality Care
One of Sienna’s core values involves maintaining a high standard of care and offering vibrant community experiences. The Company’s strategic expansions are focused on enhancing the quality of service it provides. Sienna seeks to remain a leader in the senior living industry by continually adapting to changing demographic needs and leveraging innovative care approaches.
Seeking Growth and Expansion
With the successful completion of this common share offering, Sienna Senior Living is well-positioned to focus on its growth trajectory. The capital raised will not only secure existing operations but also fund new ventures aimed at improving its service offerings. The organizations involved in the underwriting process have played a crucial role in facilitating this successful offering, demonstrating confidence in Sienna’s operational achievements and future prospects.
Future Plans and Initiatives
The Company is actively involved in exploring future opportunities that align with its strategic goals. Sienna is considering various initiatives that will expand its presence across the senior living landscape, ensuring accessibility to quality long-term care options for seniors. Investing in new properties and enhancing current facilities are priority areas for the firm as it works to set benchmarks in the sector.
Contact Information
For more information about Sienna Senior Living, inquiries can be directed to the following contacts:
David Hung
Chief Financial Officer and Executive Vice President
(905) 489-0258
david.hung@siennaliving.ca
Nancy Webb
Senior Vice President, Public Affairs and Marketing
(905) 489-0788
nancy.webb@siennaliving.ca
Frequently Asked Questions
What is the total amount raised from the share offering?
The share offering raised approximately $144 million for Sienna Senior Living.
Who led the underwriting syndicate for the common share offering?
The underwriting syndicate for the offering was led by TD Securities Inc. as the sole bookrunner.
What will the proceeds from the offering be used for?
The proceeds will be used primarily to acquire a 30% ownership interest in Nicola Lodge and for general corporate purposes, including strategic growth initiatives.
How many common shares were issued in the offering?
A total of 9,591,000 Common Shares were issued as part of the offering.
What kind of services does Sienna Senior Living provide?
Sienna Senior Living provides various senior living options, including independent living, assisted living, memory care, and long-term care services.
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