NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES MARKHAM, Ontario, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Sienna Senior Living Inc. ("Sienna" or the "Company") (TSX:SIA) announced today the launch of a $125 million equity offering, on a bought deal basis. Sienna has entered into an agreement with a syndicate of underwriters (the "Underwriters") led by TD Securities Inc., as sole bookrunner, under which the Underwriters have agreed to buy, on a bought deal basis, 8,340,000 common shares of the Company (the "Common Shares") at a price of $15.00 per Common Share (the "Offering Price") for total gross proceeds of approximately $125 million (the "Offering"). The Company has also granted the Underwriters an over-allotment option to purchase up to an additional 1,251,000 Common Shares at the Offering Price, exercisable in whole or in part, for a period of 30 days following closing of the Offering (the "Over-Allotment Option"). If the Over-Allotment Option is exercised in full, the gross proceeds to the Company will be approximately $144 million. Sienna intends to use the net proceeds of the Offering, together with any net proceeds from the Over-Allotment Option, (i) to fund the approximately $15 million equity purchase price for the Company's previously announced acquisition of the remaining 30% ownership interest in Nicola Lodge (the "Nicola Lodge Acquisition"), a 256-bed best-in-class long-term care community in Port Coquitlam, British Columbia; and (ii) for general corporate purposes, which primarily include financing strategic growth initiatives including previously announced long-term care ("LTC") developments and future acquisition opportunities. The Nicola Lodge Acquisition will provide Sienna with full ownership of a high-quality long-term care home in an attractive market and result in immediate accretion to Adjusted Funds from Operations ("AFFO") per share. The remaining net proceeds of the Offering, together with any net proceeds from the Over-Allotment Option, will provide Sienna with enhanced financial flexibility to capitalize on current and future growth initiatives, primarily comprised of previously announced LTC developments and future acquisition opportunities. The Company currently has two LTC projects under construction in Brantford ...