Sienna Senior Living closes common share offering for C$144M in proceeds

Sienna Senior Living (LWSCF) completed the previously announced bought deal offering of common shares of the Company to a syndicate of underwriters led by TD Securities Inc., as sole bookrunner, and including BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc., National Bank Financial Inc., Desjardins Securities Inc., Canaccord Genuity Corp., Raymond James Ltd., Cormark Securities Inc. and iA Private Wealth. A total of 9,108,000 Common Shares were issued at a price of $15.80 per Common Share for aggregate gross proceeds of $143,906,400. This includes gross proceeds from the full exercise of the over-allotment option granted to the Underwriters to purchase an additional 1,188,000 Common Shares. The Company intends to use the net proceeds of the Offering 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; and for general corporate purposes, which include financing strategic growth initiatives such as future acquisition opportunities.