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Sienna Announces Offering of $175 Million of 4.112% Series E Senior Unsecured Debentures and Closing of Previously Announced Acquisition in Greater Toronto Area

NOT FOR DISSEMINATION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

MARKHAM, Ontario, Aug. 18, 2025 (GLOBE NEWSWIRE) -- Sienna Senior Living Inc. ("Sienna" or the "Company") (TSX:SIA) announced today that it has agreed to issue $175 million aggregate principal amount of series E senior unsecured debentures (the "Debentures"). The Debentures, which will be issued at par, will bear interest at a rate of 4.112% per annum and will mature on August 21, 2030. The Debentures are being offered (the "Offering") on a best efforts agency basis by a syndicate of agents co-led by BMO Nesbitt Burns Inc., TD Securities and CIBC Capital Markets, as joint lead agents and bookrunners. The Offering is expected to close on or about August 21, 2025, subject to customary closing conditions. It is a condition of closing that the Debentures be rated at least "BBB" with a "Stable" trend by Morningstar DBRS. The Debentures will be direct unsecured obligations of the Company and will rank equally and rateably with all other present and future unsecured and unsubordinated indebtedness of the Company.

Sienna intends to use the net proceeds from the Offering to repay existing indebtedness, finance acquisitions, fund developments and for general corporate purposes.

Sienna also announced today that it has completed its previously announced $60.2 million acquisition of Credit River Retirement Residence, a 133-suite retirement residence in Streetsville, Ontario (the "Acquisition"), located within the Greater Toronto Area (GTA). The Acquisition has an initial investment yield of 5.75% and was completed at a discount to replacement cost. The Company anticipates that it will achieve stabilized occupancy of 95% within the first year of operations and believes it will benefit ...