Sienna Senior Living Inc. (TSX) announced a US$125 million (C$168 million) equity offering on a bought deal basis, under an underwriting agreement dated August 16, 2024. The syndicate of underwriters was led by TD Securities Inc. as sole bookrunner and included BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc., National Bank Financial Inc., Desjardins Securities Inc., Raymond James Ltd., Canaccord Genuity Corp., Cormark Securities Inc., and iA Private Wealth Inc.

The offering involved the issuance of 8,340,000 common shares at US$15.00 (C$20.15) per share, with an over-allotment option for an additional 1,251,000 shares that could have raised total proceeds to approximately US$144 million (C$193 million). The offering was made in each province and territory of Canada under the terms of the prospectus.

Proceeds were allocated to fund the US$15 million (C$20.15 million) acquisition of the remaining 30% ownership interest in Nicola Lodge, a 256-bed long-term care community in Port Coquitlam, British Columbia, granting Sienna full ownership. Additional funds were designated for general corporate purposes, including financing strategic growth initiatives such as long-term care projects in Ontario, representing a US$300 million (C$403 million) investment.

The offering enhanced Sienna's financial flexibility for further acquisition opportunities. Legal matters were overseen by Torys LLP for Sienna and Blake, Cassels & Graydon LLP for the underwriters. The offering was expected to close on or about August 28, 2024, pending regulatory approvals.