Sonida restructures $88.1M debt, gets $13.5M equity commitment from Conversant

SONIDA SENIOR LIVING, INC.

Fannie Mae forbearance on 37 communities: $5M payment now, $5M due June 2024; 1.5% interest rate cut for 12 months; $33M principal deferred through maturity.
Ally Bank amendment temporarily reduces liquidity minimum from $13M to $7M through 2024; $100K fee; requires going-concern opinion in 2023 10-K.
Conversant Capital commits $13.5M equity at $10/share (30% premium to 30-day VWAP); $675K shares issued upfront; company plans to draw $6M in July.
Company in discussions with Protective Life to resolve non-compliance on $72.1M loans for four communities.
Leadership additions: Reanae Clark (VP Business Dev), Michael Karicher (CPO), Jay Reed (CTO); three internal promotions to ops VP roles.

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