Sienna Senior Living Unveils $150 Million Senior Debenture Offering
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Sienna Senior Living Unveils $150 Million Senior Debenture Offering
MARKHAM, Ontario — Sienna Senior Living Inc. (“Sienna” or the “Company”) (TSX: SIA) has revealed its plans to issue $150 million in aggregate principal amount of Series D senior unsecured debentures. This new financial move signifies Sienna's continued commitment to strengthening its fiscal foundation. The debentures, which will be issued at par, will carry a competitive interest rate of 4.436% per annum and are set to mature on a specified date in 2029.
Details of the Offering
This offering is primarily designed to enhance the liquidity of Sienna, allowing it to comfortably manage its obligations while also seeking growth opportunities. The issuance of the debentures will be managed on a best-efforts agency basis by a talented syndicate of agents, featuring prominent institutions like BMO Nesbitt Burns Inc., TD Securities, and CIBC Capital Markets as joint lead agents and bookrunners.
Usage of Proceeds
The funds derived from this offering will be strategically utilized to repay existing debts and fulfill general corporate purposes. This strategic decision reflects Sienna's long-term vision and is expected to facilitate operational efficiency across its various services.
Closing Conditions
Closing of the debenture offering is tentatively scheduled for a time reflecting customary closing conditions. Notably, a vital condition for the closure is a “BBB” rating with a “Stable” trend from Morningstar DBRS, which ensures that Sienna maintains robust credit standings on market evaluations.
About Sienna Senior Living
Sienna Senior Living Inc. (TSX: SIA) is dedicated to providing an extensive range of senior living solutions that includes independent living, assisted living, and specialized memory care through its Aspira retirement brand. With a team of approximately 12,500 committed staff, Sienna aims to cultivate an environment that prioritizes happiness and well-being in the daily lives of its residents. This growth-focused strategy enables Sienna to navigate through varying market conditions.
Commitment to Quality Care
In addition to its financial endeavors, Sienna emphasizes quality care and support for its residents. The company continually explores innovative programs and services to enhance the living experiences of its clients while ensuring safety and comfort in their environments.
Frequently Asked Questions
What is the total amount of the debenture offering?
The total amount of the debenture offering is $150 million.
What interest rate will the debentures carry?
The debentures will bear an interest rate of 4.436% per annum.
What will the proceeds from the offering be used for?
The proceeds will be used to repay existing indebtedness and for general corporate purposes.
Who are the lead agents for this offering?
The lead agents for this offering include BMO Nesbitt Burns Inc., TD Securities, and CIBC Capital Markets.
What rating is required for the debentures to close?
The debentures need to be rated at least “BBB” with a “Stable” trend by Morningstar DBRS to ensure closing.
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