Sienna Announces Pricing of $125 Million Aggregate Principal Amount of 2.82% Series C Senior Unsecured Debentures

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

MARKHAM, ON, May 17, 2021 /CNW/ - Sienna Senior Living Inc. ("Sienna") (TSX: SIA) announced today that it has agreed to issue $125 million aggregate principal amount of series C senior unsecured debentures (the "Debentures"). The Debentures will bear interest at a rate of 2.82% per annum and will mature on March 31, 2027. The Debentures are being offered (the "Offering") on a best efforts agency basis by a syndicate of agents led by TD Securities, BMO Nesbitt Burns Inc. and CIBC Capital Markets, as joint lead agents and bookrunners. The Offering is expected to close on or about June 3, 2021, subject to satisfaction of customary closing conditions. DBRS Limited has assigned a provisional rating of "BBB" with a "Stable" trend to the Debentures. It is a condition to the closing of the Offering that DBRS Limited assign a final rating to the Debentures of "BBB" with a "Stable" trend.

Sienna intends to use the net proceeds from the Offering to repay existing indebtedness and for general corporate purposes.

The Offering is being made by way of a private placement in each of the provinces of Canada.

The Debentures have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Sienna Senior Living

Sienna Senior Living Inc. (TSX:SIA) offers a full range of seniors' living options, including independent living, assisted living, long-term care, and specialized programs and services. Sienna's approximately 13,000 employees are passionate about helping residents live fully every day. For more information, please visit www.siennaliving.ca.

Forward-Looking Information

This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of Sienna 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 Sienna's expectations, estimates, forecasts and projections and include, without limitation, statements with respect to the intended use of proceeds and date of closing of the Offering. The forward-looking statements in this news release are based on certain assumptions, including that all conditions to completion of the Offering will be satisfied or waived. 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 Sienna's most recent annual information form available at www.sedar.com. 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, Sienna assumes no obligation to publicly update any such statement, whether as a result of new information, future events or otherwise.

SOURCE Sienna Senior Living Inc.

Karen Hon, Chief Financial Officer & Senior Vice President, [phone], [email protected]; Nancy Webb, Senior Vice President, Public Affairs and Marketing, [phone], [email protected]