Sun Life completes offering of Limited Recourse Capital Notes
Sun Life Financial Inc. (TSX: SLF) has successfully completed a public offering in Canada, raising $1 billion through the sale of 3.60% Limited Recourse Capital Notes Series 2021-1. The funds will support general corporate purposes, including potential investments and debt repayment. Additionally, the company issued 1 million Class A Non-Cumulative Rate Reset Preferred Shares Series 14 to a trust as part of this offering. The notes and shares are not registered under U.S. securities law, limiting their offering in the U.S.
- Raised $1 billion through successful public offering.
- Funding designated for general corporate purposes includes investments and debt repayment.
- Notes are not registered under U.S. Securities Act, which limits market access.
TORONTO, June 30, 2021 /PRNewswire/ - Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) (the "Company") announced today the successful completion of the public offering in Canada of
In connection with the issuance of the Notes, the Company issued 1 million Class A Non-Cumulative Rate Reset Preferred Shares Series 14 (the "Series 14 Shares") to be held by Computershare Trust Company of Canada as trustee of a newly formed trust (the "Limited Recourse Trust"). In case of non-payment of interest on or principal of the Notes when due, the recourse of each noteholder will be limited to that holder's proportionate share of the Limited Recourse Trust's assets, which will consist of Series 14 Shares except in limited circumstances.
The Notes and the Series 14 Shares were issued under a prospectus supplement dated June 24, 2021, issued pursuant to the Company's short form base shelf prospectus dated March 19, 2021, both of which are available on the SEDAR website for the Company at www.sedar.com. The Notes were sold on a best efforts agency basis by a syndicate co-led by RBC Capital Markets, BMO Capital Markets and TD Securities.
Neither the Notes nor the Series 14 Shares have been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered, sold or delivered, directly or indirectly, within the United States of America and its territories and possessions or to, or for the account or benefit of, United States persons except in certain transactions exempt from the registration requirements of such Act. This release does not constitute an offer to sell or a solicitation to buy such securities in the United States.
About Sun Life
Sun Life is a leading international financial services organization providing a diverse range of insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2021, Sun Life had total assets under management of
Note to editors: All figures in Canadian dollars
Media Relations Contact: | Investor Relations Contact: |
Irene Poon | Yaniv Bitton |
Manager, Corporate Communications | Vice-President, Head of Investor Relations |
T. 416-988-0542 | & Capital Markets |
T. 416-979-6496 | |
View original content to download multimedia:https://www.prnewswire.com/news-releases/sun-life-completes-offering-of-limited-recourse-capital-notes-301323103.html
SOURCE Sun Life Financial Inc.
FAQ
What is the amount raised by Sun Life Financial in the recent offering?
What type of securities were issued by Sun Life in June 2021?
What will the proceeds from Sun Life's offering be used for?
Are Sun Life's Limited Recourse Capital Notes registered in the U.S.?
What date was the public offering by Sun Life Financial announced?
