Sienna Senior Living gets $200 million senior unsecured revolver

By Sarah Lizee

Olympia, Wash., March 19 – Sienna Senior Living Inc. entered into a credit agreement with a syndicate of lenders led by a Canadian chartered bank for a $200 million senior unsecured revolver, according to a press release.

The revolver will mature on March 19, 2025 and may be extended for additional one-year terms.

The capacity of the credit facility may be increased by up to $50 million.

Sienna’s current BBB credit rating provides for borrowings at interest rates based on the Bankers’ Acceptance rate plus 145 basis points or the Prime rate plus 45 bps.

Sienna intends to use the net proceeds for general corporate purposes.

As of Thursday, Sienna’s liquidity comprised of cash on hand and available credit facilities is about $215 million, inclusive of the credit facility, and the value of the pool of unencumbered assets currently on hand is about $540 million.

Markham, Ont.-based Sienna Senior Living is a leading seniors' living provider with 84 seniors' living residences in key markets in Canada.

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