Sienna Senior Living Inc. announced that it has completed its previously announced offering of $250 million aggregate principal amount of series F senior unsecured debentures. The Offering was led by BMO Capital Markets, TD Securities Inc. and CIBC Capital Markets, as joint lead agents and bookrunners. The Debentures were issued at par, bear interest at a rate of 3.524% per annum and will mature on December 18, 2028.
The Debentures are rated "BBB (Stable)" by Morningstar DBRS. Sienna intends to use the net proceeds from the Offering to fund the early redemption of all of its $175 million aggregate principal amount of 3.450% Series B Senior Unsecured Debentures (the "Series B Debentures"), due February 27, 2026, on December 22, 2025 and/or for general corporate purposes.
