Sienna Senior Living Completes $184 Million Common Share Offering

Goodmans LLP represented Sienna in connection with the completion of an offering 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., Raymond James Ltd., National Bank Financial Inc., 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.

The $184 million net proceeds of the offering were used in part to finance the 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.

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.