---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-265754"
form_type: "8-K"
ticker: "SNDA"
cik: "0001043000"
company_name: "SONIDA SENIOR LIVING, INC."
filed_at: "2025-11-05T23:59:59+00:00"
generated_at: "2026-05-17T00:09:35.406093+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Sonida Senior Living to acquire CNL Healthcare Properties in stock+cash deal valued at $6.90/CHP share

## Summary
- Per CHP share: $2.32 cash + $4.58 in SNDA stock based on $26.74 reference price (collar -15%/+30%).
- Equity financing: $100M from Conversant and $10M from Silk at $26.74/share; debt: $900M bridge loan + $150M revolver increase to $300M.
- Termination fees: $30M payable by either party under certain conditions; each provided $15M letter of credit.
- Voting agreement: Conversant entities (52.6% voting power) agree to vote in favor; post-closing board seats for Conversant and Silk.
- Closing conditions: stockholder approvals, regulatory OKs, no material adverse effect; outside date May 29, 2026.

## SEC filing metadata
- accession: 0001193125-25-265754
- form_type: 8-K
- ticker: SNDA
- cik: 0001043000
- company_name: SONIDA SENIOR LIVING, INC.
- filed_at: 2025-11-05T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 3.02, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1043000/000119312525265754/0001193125-25-265754-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1043000/000119312525265754/d91882d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-265754
- JSON: https://secwatch.observer/filing/0001193125-25-265754.json
- Plain text: https://secwatch.observer/filing/0001193125-25-265754.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.