TORONTO, May 13, 2015 /PRNewswire/ - Sun Life
Financial Inc. (TSX: SLF) (NYSE: SLF) ("Sun Life Financial") today
announced that it does not intend to exercise its right to redeem
its currently outstanding Class A Non-Cumulative Rate Reset
Preferred Shares Series 8R (the "Series 8R Shares") on June 30, 2015. As a result, subject to certain
conditions, the holders of Series 8R Shares have the right to
convert all or part of their Series 8R Shares on a one-for-one
basis into Class A Non-Cumulative Floating Rate Preferred Shares
Series 9QR of Sun Life Financial (the "Series 9QR Shares") on
June 30, 2015. Holders of Series 8R
Shares who do not exercise their right to convert their Series 8R
Shares into Series 9QR Shares on such date will retain their Series
8R Shares.
The foregoing conversions are subject to the conditions that:
(i) if Sun Life Financial determines that there would be less than
one million Series 8R Shares outstanding after June 30, 2015, then all remaining Series 8R
Shares will automatically be converted into Series 9QR Shares on a
one-for-one basis on June 30, 2015,
and (ii) alternatively, if Sun Life Financial determines that there
would be less than one million Series 9QR Shares outstanding after
June 30, 2015, no Series 8R Shares
will be converted into Series 9QR Shares. In either case, Sun
Life Financial will give a written notice to that effect to any
registered holder affected by the preceeding minimums on or before
Monday, June 22, 2015.
The dividend rate applicable to the Series 8R Shares for the
five-year period commencing on June 30,
2015 and ending on June 29,
2020, and the dividend rate applicable to the Series 9QR
Shares for the three-month period commencing on June 30, 2015 and ending on September 29, 2015, will be determined on
Monday, June 1, 2015 and will be
announced in a news release on Monday, June
1, 2015.
Beneficial owners of Series 8R Shares who wish to exercise their
right of conversion should communicate as soon as possible with
their broker or other nominee and ensure that they follow their
instructions in order to ensure that they meet the deadline to
exercise such right, which is 5:00 p.m.
(ET) on Monday, June 15,
2015.
Subject to regulatory approval, Sun Life Financial may redeem
the Series 8R Shares and the Series 9QR Shares in whole or in part
on June 30, 2020 and on the
30th of June in every fifth year thereafter.
An application will be made to list the Series 9QR Shares on the
Toronto Stock Exchange.
The Series 8R Shares and the Series 9QR 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 Sates.
About Sun Life Financial
Celebrating 150 years in
2015, Sun Life Financial is a leading international financial
services organization providing a diverse range of protection and
wealth products and services to individuals and corporate
customers. Sun Life Financial and its partners have 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, 2015, the Sun
Life Financial group of companies had total assets under management
of $813 billion. For more information
please visit www.sunlife.com.
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 except as
otherwise noted.
SOURCE Sun Life Financial Inc. - Financial News