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Goodmans Deals & Cases

This section contains brief summaries of selected significant cases and transactions.  You'll also find representative lists  - by year - of major transactions and cases where Goodmans' involvement is a matter of public record or where inclusion in the list has been authorized by our clients.

Sienna Senior Living Completes Acquisition of 10 High-Quality Ontario Retirement Residences and $184 Million Bought Deal Offering


Areas Banking and Finance Law, Commercial Real Estate, Competition, Antitrust and Foreign Investment, Corporate and Commercial, Corporate Finance and Securities, Health Care Law, Mergers and Acquisitions, Tax


 Goodmans represented Sienna Senior Living Inc. (“Sienna”) (TSX:SIA) in its acquisition of ten high-quality private-pay independent supportive living and assisted living retirement residences in Ontario for an aggregate purchase price of approximately $382 million.  The acquired properties consisted of 1,245 private-pay suites located in the Greater Toronto and Greater Ottawa areas.

The acquisition and related transaction costs were financed through a combination of: (i) the assumption and up financing of approximately $88.2 million in property-level debt at a weighted average interest rate of 3.87% and a weighted average term to maturity of 6.2 years; (ii) a $115 million acquisition term loan facility that Sienna expects to refinance post-closing;  (iii) net proceeds of Sienna’s recent bought deal offering which raised gross proceeds of approximately $184 million; and (iv) draws on the Company’s existing credit facilities.

On February 22, 2018, Sienna completed the issuance of 9,066,000 common shares at a price of $17.65 per common share, on a bought deal basis for gross proceeds of $160,014,900.  The syndicate of underwriters was led by TD Securities, as sole bookrunner, and BMO Capital Markets, as co-lead underwriter, and included CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc. Canaccord Genuity Corp., National Bank Financial Inc., Raymond James Ltd., Echelon Wealth Partners Inc. and Industrial Alliance Securities Inc.  The underwriters exercised their over-allotment option in full, resulting in the issuance of 1,359,900 common shares for gross proceeds of $24,002,235. The aggregate gross proceeds raised pursuant to the offering, including the exercise of the over-allotment option, was $184,017,135.

Sienna is a leading seniors' living provider with 85 seniors' living residences in key markets in Canada. Sienna offers a full range of seniors' living options, including independent and assisted living, long-term and residential care, and specialized programs and services. Sienna also provides expert management services.