Sonida Senior Living raises $47.75M equity, buys $77.4M debt at 48% discount

SONIDA SENIOR LIVING, INC.

Private placement of 5.03M shares at $9.50/share (5% premium to 30-day VWAP); first tranche of $31.8M closed Feb 1.
Purchased $77.4M Protective Life mortgage debt for $40.2M (48% discount), reducing total debt by $52.6M or 9%.
Annual debt service savings of ~$3.2M; total debt post-transaction $580.7M with 3.7-year weighted-average maturity.
92% of outstanding debt is interest-only through 2026; only $31.8M matures before Dec 2026.
$25M equity capital available for acquisitions; advanced discussions for a four-asset portfolio with double-digit stabilized cap rate.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SONIDA SENIOR LIVING, INC. entered into Securities Purchase Agreement with Conversant Parkway (A) LP, Conversant Parkway (B) LP, Silk Partners, LP, PF Investors, LLC, Solas Capital Partners, LP, Solas Capital Partners II, LP, Blackwell Partners LLC - Series A, and Paul J. Isaac valued at aggregate of 5,026,318 shares...at a price of $9.50 per share (effective 2024-02-01).

Action: entry
Agreement: equity purchase
Counterparty: Conversant Parkway (A) LP, Conversant Parkway (B) LP, Silk Partners, LP, PF Investors, LLC, Solas Capital Partners, LP, Solas Capital Partners II, LP, Blackwell Partners LLC - Series A, and Paul J. Isaac
Value: aggregate of 5,026,318 shares...at a price of $9.50 per share
Effective: 2024-02-01

Exact text from the filing

Sonida Senior Living, Inc. (the “ Company ”) entered into a securities purchase agreement (the “ Securities Purchase Agreement ”) with Conversant Parkway (A) LP (“ Conversant A ”), Conversant Parkway (B) LP (“ Conversant B ” and, together with Conversant A, “ Conversant ”), Silk Partners, LP (“ Silk ”), PF Investors, LLC (“ PF Investors ” and, together with Silk, the “ Silk Investors ”), Solas Capital Partners, LP (“ Solas I ”), Solas Capital Partners II, LP (“ Solas II ”), Blackwell Partners LLC - Series A (“ Blackwell ” and, together with Solas I and Solas II, “ Solas ”), and Paul J. Isaac

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273 material agreements filed in the last 30 days. Browse all material agreements →

SONIDA SENIOR LIVING, INC. filing history →

Source: SEC EDGAR

accession 0001193125-24-025193

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