/NOT FOR DISSEMINATION TO U.S. NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
MARKHAM, ON, May 17, 2021 /CNW/ - Sienna Senior Living
Inc. ("Sienna") (TSX: SIA) announced today that it has
agreed to issue $125 million
aggregate principal amount of series C senior unsecured debentures
(the "Debentures"). The Debentures will bear interest at a
rate of 2.82% per annum and will mature on March 31, 2027. The
Debentures are being offered (the "Offering") on a best
efforts agency basis by a syndicate of agents led by TD Securities,
BMO Nesbitt Burns Inc. and CIBC Capital Markets, as joint lead
agents and bookrunners. The Offering is expected to close on or
about June 3, 2021, subject to
satisfaction of customary closing conditions. DBRS Limited has
assigned a provisional rating of "BBB" with a "Stable" trend to the
Debentures. It is a condition to the closing of the Offering that
DBRS Limited assign a final rating to the Debentures of "BBB" with
a "Stable" trend.
Sienna intends to use the net proceeds from the Offering to
repay existing indebtedness and for general corporate purposes.
The Offering is being made 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
seniors' living options, including independent living, assisted
living, long-term care, and specialized programs and services.
Sienna's approximately 13,000 employees are passionate about
helping residents live fully every day. For more information,
please visit www.siennaliving.ca.
Forward-Looking Information
This news release may contain forward-looking statements
(within the meaning of applicable securities laws) relating to the
business of Sienna and the environment in which it operates.
Forward-looking statements are identified by words such as
"believe", "anticipate", "project", "expect", "intend", "plan",
"will", "may" "estimate", "pro-forma" and other similar
expressions. These statements are based on Sienna's expectations,
estimates, forecasts and projections and include, without
limitation, statements with respect to the intended use of proceeds
and date of closing of the Offering. The forward-looking statements
in this news release are based on certain assumptions, including
that all conditions to completion of the Offering will be satisfied
or waived. They are not guarantees of future performance and
involve risks and uncertainties that are difficult to control or
predict. A number of factors could cause actual results to differ
materially from the results discussed in the forward-looking
statements, including, but not limited to, the factors discussed
under the heading "Risk Factors" in Sienna's most recent annual
information form available at www.sedar.com. There can be no
assurance that forward-looking statements will prove to be accurate
as actual outcomes and results may differ materially from those
expressed in these forward-looking statements. Readers, therefore,
should not place undue reliance on any such forward-looking
statements. Further, these forward-looking statements are made as
of the date of this news release and, except as expressly required
by applicable law, Sienna assumes no obligation to publicly update
any such statement, whether as a result of new information, future
events or otherwise.
SOURCE Sienna Senior Living Inc.