Sun Life Reports Results of Conversion Privilege of Class A Non-Cumulative Rate Reset Preferred Shares Series 10R and Class A Non-Cumulative Floating Rate Preferred Shares Series 11QR
Sun Life Financial announced that on September 30, 2021, 525,503 Series 10R preferred shares will convert to Series 11QR shares, while 444,247 Series 11QR shares will revert to Series 10R. Post-conversion, there will be 6,838,672 Series 10R shares and 1,161,328 Series 11QR shares outstanding. Each share can potentially be redeemed for $25.00 with regulatory approval starting September 30, 2026. Additionally, the shares are not registered under U.S. securities law and thus cannot be offered in the U.S.
- Successful conversion of share classes indicating investor interest.
- Structured conversion strategy can enhance liquidity in the market.
- Future redemption options provide potential for stable return on investments.
- No significant negative aspects reported.
TORONTO, Sept. 20, 2021 /PRNewswire/ - Sun Life Financial Inc., today announced that 525,503 of its 6,919,928 Class A Non-cumulative Rate Reset Preferred Shares Series 10R (the "Series 10R Shares") have been elected for conversion on September 30, 2021, on a one-for-one basis, into Class A Non-cumulative Floating Rate Preferred Shares Series 11QR (the "Series 11QR Shares"), and 444,247 of its 1,080,072 Series 11QR Shares have been elected for conversion on September 30, 2021 on a one-for-one basis, into Series 10R Shares. Consequently, on September 30, 2021, Sun Life will have 6,838,672 Series 10R Shares and 1,161,328 Series 11QR Shares issued and outstanding. The Series 10R Shares and Series 11QR Shares will be listed on the Toronto Stock Exchange under the symbols SLF.PR.H and SLF.PR.K, respectively.
Subject to regulatory approval, Sun Life may redeem all or any part of the outstanding Series 10R Shares, at Sun Life's option, by the payment of an amount in cash for each share so redeemed of
The Series 10R Shares and the Series 11QR Shares have not been and will not be registered under the United States Securities Act of 1933, as amended, and subject to certain exceptions, may not be offered, sold or delivered, directly or indirectly, in the United States of America for the account or benefit of U.S. persons. 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 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 June 30, 2021, Sun Life had total assets under management of
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
Note to editors: All figures in Canadian dollars
Media Relations Contact:
Irene Poon
Manager
Corporate Communications
T. 416-988-0542
irene.poon@sunlife.com
Investor Relations Contact:
Yaniv Bitton
Vice-President, Head of Investor
Relations & Capital Markets
T. 416-979-6496
investor_relations@sunlife.com
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SOURCE Sun Life Financial Inc.
FAQ
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