SOURCE: Sienna Senior Living Inc.

Sienna Senior Living Inc.

December 23, 2015 18:00 ET

Sienna's Series B Debentures Receive Rating Confirmation at A (Low) With a Stable Trend

MARKHAM, ON--(Marketwired - December 23, 2015) - Sienna Senior Living Inc. ("Sienna" or the "Company") (TSX: SIA) today announced that DBRS has confirmed a rating of A (low), with a Stable trend, with respect to the $322.0 million of aggregate principal amount of 3.474% Series B Senior Secured Debentures (the "Series B Debentures") of Leisureworld Senior Care LP ("LSCLP"), a wholly-owned subsidiary of the Company.

The Series B Debentures mature February 3, 2021, and include covenants to maintain a principal reserve fund, funded by LSCLP whenever distributions are made (and at least semi-annually) to a predetermined minimum balance, with the intention that approximately $45 million will be available in the account by the maturity date of the Series B Debentures.

Management believes that the DBRS confirmation of a continued A (low) rating, with a Stable trend, is a strong vote of confidence by the rating agency on the strength of the Company's financial position.

For further information on the DBRS confirmation rating, please refer to the DBRS press release which is available at


Sienna Senior Living (TSX: SIA) is one of Canada's largest owners of seniors housing and the largest licensed long-term care provider in Ontario. The Company's 8,000 employees are dedicated to helping you live fully, every day in each of its four lines of business: retirement living, home care, third party management services and long-term care. The Company owns and operates 35 long-term care homes and 10 retirement residences, representing a combined 6,799 beds/suites across Ontario and British Columbia. For more information, please visit


This press release contains forward-looking information based on management's current expectations, estimates and projections about the future results, performance, achievements, prospects or opportunities for Sienna. Forward-looking statements are based upon a number of assumptions and are subject to a number of known and unknown risks and uncertainties, many of which are beyond our control, and that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking statements. There can be no assurance that forward-looking information will prove to be accurate, as actual results could differ materially from those expected, estimated or implied by such statements. Accordingly, readers should not place undue reliance on forward-looking information. These factors are more fully described in the "Risks and Uncertainties" section of Sienna's 2014 MD&A and in materials filed with the securities regulatory authorities in Canada from time to time, including, but not limited to, the Company's most recent Annual Information Form.

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