MARKHAM, Ontario, April 23, 2018 (GLOBE NEWSWIRE) -- Sienna Senior Living Inc. (“Sienna” or the “Company”) (TSX:SIA) announced today that it intends to exercise its right to redeem on May 23, 2018 (the “Redemption Date”) all of its outstanding 4.65% extendible convertible unsecured subordinated debentures due June 30, 2018 (the “Debentures”). There are currently approximately $44.4 million of Debentures outstanding. The Debentures will be redeemed on the Redemption Date at a redemption price equal to $1,000 per $1,000 principal amount of Debentures plus $18.22, representing accrued and unpaid interest up to but excluding the Redemption Date, for a total redemption amount of $1,018.22 per $1,000 principal amount of Debentures (the “Redemption Amount”). Notice of the redemption will be delivered to the Debenture holders in accordance with the terms of the Debentures.
Holders of the Debentures have the right to convert their Debentures into common shares of the Company (the “Common Shares”) at a conversion price of $16.75 per share (the “Conversion Price”) at any time prior to 5:00 pm on May 22, 2018 by duly completing the required notice and delivering same to Computershare Trust Company of Canada, the trustee of the Debentures. Holders converting their Debentures shall be entitled to receive, in addition to the applicable number of Common Shares, accrued and unpaid interest for the period from the latest interest payment date for the Debentures (being December 31, 2017) to and including the last record date declared for determining holders of Common Shares entitled to receive dividends on the Common Shares prior to the date of conversion, all in accordance with the indenture governing the Debentures.
The Company encourages holders of the Debentures to contact their broker or investment advisor to discuss their options in light of the redemption. Further details concerning the Debentures, including the rights of redemption and conversion, are described in the trust indenture dated April 25, 2013 (the “Indenture”) made between the Company and Computershare Trust Company of Canada, as trustee, a copy of which is available at www.sedar.com. For any questions, please contact Sienna Investor Relations at investors@siennaliving.ca or call (905) 477-4006 ext. 2202.
ABOUT SIENNA
Sienna Senior Living Inc. (TSX:SIA) 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. Sienna is committed to national growth, while driving long-term value for shareholders. The Company's approximately 12,000 employees are passionate about helping residents live fully every day, and were the driving force behind Sienna being named one of Canada's Most Admired Corporate Cultures in 2017. For more information, please visit www.siennaliving.ca.
FORWARD-LOOKING STATEMENTS
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may” “estimate”, “pro-forma” and other similar expressions. These statements are based on the Company’s expectations, estimates, forecasts and projections and include, without limitation, statements with respect to the completion of the redemption of the Debentures. The forward-looking statements in this news release are based on certain assumptions. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading “Risk Factors” in the Company’s annual information form available at www.sedar.com and in the Company’s final short form prospectus dated February 2, 2018. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update any such statement, whether as a result of new information, future events or otherwise.
FOR FURTHER INFORMATION PLEASE CONTACT:
Nitin Jain
Chief Financial Officer and Chief Investment Officer
(905) 489-0787
Nitin.Jain@siennaliving.ca