TORONTO, June 1, 2015 /CNW/ - Sun Life Financial Inc.
(TSX: SLF) (NYSE: SLF) ("Sun Life Financial") today announced the
applicable dividend rates for its Class A Non-Cumulative Rate Reset
Preferred Shares Series 8R (the "Series 8R Shares") and Class A
Non-Cumulative Floating Rate Preferred Shares Series 9QR (the
"Series 9QR Shares").
With respect to any Series 8R Shares that remain outstanding
after June 30, 2015, commencing as of
such date, holders thereof will be entitled to receive
non-cumulative preferential cash dividends on a quarterly basis, as
and when declared by the Board of Directors of Sun Life Financial
and subject to the Insurance Companies Act (Canada). The dividend rate for the five-year
period commencing on June 30, 2015 to
but excluding June 30, 2020 will be
2.275 % per annum or $0.142188 per
share per quarter, being equal to the sum of the Government of
Canada Yield, as defined in the terms of the Series 8R Shares, on
Monday, June 1, 2015 plus 1.41%, as
determined in accordance with the terms of the Series 8R
Shares.
With respect to any Series 9QR Shares that may be issued on
June 30, 2015, holders thereof will
be entitled to receive floating rate non-cumulative preferential
cash dividends on a quarterly basis, as and when declared by the
Board of Directors of Sun Life Financial and subject to the
Insurance Companies Act (Canada), based on a dividend rate equal to the
sum of the T-Bill Rate, as defined in the terms of the Series 9QR
Shares, plus 1.41% (calculated on the basis of the actual number of
days elapsed in such Quarterly Floating Rate Period divided by 365
days), subject to certain adjustments in accordance with the terms
of the Series 9QR Shares. The dividend rate for the period
commencing on June 30, 2015 to but
excluding September 30, 2015 will be
equal to 2.075 % per annum or $0.130753 per share, as determined in accordance
with the terms of the Series 9QR Shares.
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 meet the deadline to exercise such right,
which is 5:00 p.m. (ET) on
Monday, June 15, 2015.
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