Sonida Senior Living, Inc. (SNDA) has released an update.
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On February 2, 2024, a company successfully acquired the debt of Protective Life Insurance secured by its seven senior living communities for $40.2 million, a deal amounting to just over half of the loan’s outstanding value. The payment was partially covered by previous deposits and the net proceeds from a private placement of shares, with the balance financed through additional debt from Ally Bank. This strategic financial move was publicly announced in a press release on February 6, 2024.
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For a comprehensive understanding of the announcement, you can read the full document here.
