Sienna Announces Completion of $150 Million Offering of 4.436% Series D Senior Unsecured Debentures

NOT FOR DISSEMINATION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

MARKHAM, Ontario, Oct. 17, 2024 (GLOBE NEWSWIRE) — Sienna Senior Living Inc. (“Sienna” or the “Company”) (TSX: SIA) announced today that it has completed its previously announced offering (the “Offering”) of $150 million aggregate principal amount of series D senior unsecured debentures (the “Debentures”). The Offering was led by BMO Capital Markets, TD Securities Inc. and CIBC Capital Markets, as joint lead agents and bookrunners. The Debentures were issued at par, bear interest at a rate of 4.436% per annum and will mature on October 17, 2029.

The Debentures are rated “BBB (Stable)” by Morningstar DBRS.

Sienna intends to use the net proceeds from the Offering to repay existing indebtedness and for general corporate purposes.

“This debenture offering, following our recent equity raise, further reinforces our balance sheet by addressing upcoming debt maturities and provides additional certainty as we move forward with our growth plans,” said Nitin Jain, President and CEO of Sienna Senior Living. “Combined with the incredible tailwinds of Canada’s aging population and the commitment of our 12,500 team members, I am confident in our ability to further strengthen and grow our company.”

The Debentures were sold by way of a private placement in each of the provinces of Canada.

The Debentures have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful.

ABOUT SIENNA SENIOR LIVING

Sienna Senior Living Inc. (TSX:SIA) 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. Sienna’s approximately 12,500 employees are passionate about cultivating happiness in daily life. For more information, please visit www.siennaliving.ca.

FORWARD-LOOKING STATEMENTS

Certain of the statements contained in this news release are forward-looking statements and are provided for the purpose of presenting information about management’s current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. These statements generally use forward-looking words, such as “anticipate”, “continue”, “could”, “expect”, “may”, “will”, “estimate”, “believe”, “goals” or other similar words and include, without limitation, statements with respect to the intended use of proceeds.

These statements are subject to significant known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. The forward-looking statements in this news release are based on information currently available and what management currently believes are reasonable assumptions. The Company does not undertake any obligation to publicly update or revise any forward-looking statements except as may be required by applicable law.

FOR FURTHER INFORMATION, PLEASE CONTACT:

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