DALLAS—Capital Senior Living Corporation (NYSE: CSU) senior living owner-operator announced it will rename as Sonida Senior Living (NYSE: SNDA), effective Nov. 15.
The company also announced it has closed the previously announced financing transactions with Conversant Capital and has raised a total of $154.8 million, including aggregate gross proceeds of approximately $34 million from the common stock rights offering.
With the closing of the transaction, the company’s board of directors has been reconstituted. Company CEO, Kimberly Lody, and Philip Brooks and Jill Krueger will continue to serve as directors. Dave Johnson, new to the board, will serve as chairman. Noah Beren, Benjamin Harris, Max Levy, Shmuel Lieberman and Elliot Zibel have joined.
“We are thrilled to close this critical transaction, which will allow us to address our immediate liquidity needs and going concern issues, and help pave the way for future growth,” said CEO Lody.
“Following a thorough and robust process, we are confident that this is the best path forward for shareholders, and we appreciate their engagement in this process. We welcome the new directors to the board and are excited to gain their valuable perspectives as we continue to execute on our strategic business plan.”
“Finally, I would like to sincerely thank our board, and especially departing chairman Michael Reid, for helping guide the company through this important process and positioning us for a successful future.”
“We are very excited to close the transaction and to usher in the next phase of the company’s stabilization and growth,” said Michael Simanovsky, founder and managing partner of Conversant. “We believe that Capital Senior Living’s management, together with the refreshed board of directors, combines the cross-disciplinary skill set needed to support the company in delivering best-in-class care for its residents while creating long-term value for its investors as it pivots from defense to offense and growth.”
In recognition of the company’s evolution and exciting future, it is rebranding as Sonida Senior Living. The name Sonida (pronounced soh-nee-dah) is a blend of sonata—a long piece of music usually made up of several parts—and vida, or life.
Lody continued: “Two years ago, we updated the company’s branding to be more vibrant and inviting, better reflecting the engagement and celebrations that occur daily in our communities. With this name change, our brand now fully reflects the essence of our business. Sonida Senior Living communities are filled with the music of life. We are committed to building communities where team members treat residents like friends and serve as caregivers, advocates and often as surrogate family, going above and beyond to create moving and memorable experiences that foster joy every day.”
About Capital Senior Living
Dallas-based Capital Senior Living Corporation is one of the nation’s leading operators of independent living, assisted living and memory care communities for senior adults. The company operates 75 communities that are home to nearly 7,000 residents across 18 states providing compassionate, resident-centric services and care and engaging programming. The company offers seniors the freedom and opportunity to successfully, comfortably, and happily age in place. For more information, visit capitalsenior.com or connect with the company on Facebook or Twitter.
About Conversant
Conversant Capital LLC is a private investment adviser founded in 2020. The firm pursues credit and equity investments in the real estate, digital infrastructure, and hospitality sectors in both the public and private markets. Further information is available at conversantcap.com.
