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Sienna Senior Living Announces $125 Million Bought Deal Public Equity Offering
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES BASE SH...
About this update from Sienna Senior Living Inc.
[{"type":"text","content":"Sienna Senior Living Announces $125 Million Bought Deal Public Equity Offering\n\n\n\n NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES\n \n\n BASE SHELF PROSPECTUS IS ACCESSIBLE, AND PROSPECTUS SUPPLEMENT WILL BE ACCESSIBLE, ON SEDAR+ WITHIN TWO BUSINESS DAYS\n \n\n MARKHAM, Ontario, Feb. 20, 2025 (GLOBE NEWSWIRE) -- Sienna Senior Living Inc. (“\n \n Sienna\n \n ” or the “\n \n Company\n \n ”) (TSX:SIA) announced today the launch of a $125 million equity offering, on a bought deal basis.\n \n\n Sienna has entered into an agreement with a syndicate of underwriters (the “\n \n Underwriters\n \n ”) led by TD Securities Inc., as sole bookrunner, under which the Underwriters have agreed to buy, on a bought deal basis, 7,920,000 common shares of the Company (the “\n \n Common Shares\n \n ”) at a price of $15.80 per Common Share (the “\n \n Offering Price\n \n ”) for total gross proceeds of approximately $125 million (the “\n \n Offering\n \n ”). The Company has also granted the Underwriters an over-allotment option to purchase up to an additional 1,188,000 Common Shares at the Offering Price, exercisable in whole or in part, for a period of 30 days following closing of the Offering (the “\n \n Over-Allotment Option\n \n ”). If the Over-Allotment Option is exercised in full, the gross proceeds to the Company will be approximately $144 million.\n \n\n Sienna intends to use the net proceeds of the Offering, together with any net proceeds from the Over-Allotment Option, (i) to fund the Company’s 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 (collectively, the “\n \n Acquisitions\n \n ”); and (ii) for general corporate purposes, which include financing strategic growth initiatives such as future acquisition opportunities.\n \n\n Wildpine Residence is a 165-suite retirement residence in Stittsville, Ontario, offering modern independent living and assisted living options with stabilized occupancy. The Company has agreed to acquire Wildpine Residence for a purchase price of approximately $48.0 million. The Compan...