TORONTO, Aug. 31, 2016 /PRNewswire/ - Sun Life
Financial Inc. (TSX: SLF) (NYSE: SLF) ("Sun Life Financial") today
announced the dividend rates for its Class A Non-Cumulative Rate
Reset Preferred Shares Series 10R (the "Series 10R Shares") and
Class A Non-Cumulative Floating Rate Preferred Shares Series 11QR
(the "Series 11QR Shares").
With respect to any Series 10R Shares that remain outstanding
after September 30, 2016, commencing
as of that 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 September 30,
2016 to but excluding September 30,
2021 will be 2.842% per annum or $0.177625 per share per quarter, being equal to
the sum of the Government of Canada Yield, as defined in the terms
of the Series 10R Shares, on Wednesday,
August 31, 2016 plus 2.17%, as determined in accordance with
the terms of the Series 10R Shares.
With respect to any Series 11QR Shares that are issued on
September 30, 2016, 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 11QR
Shares, plus 2.17% (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 11QR Shares. The dividend rate for the period
commencing on September 30, 2016 to
but excluding December 31, 2016 will
be equal to 2.682% per annum or $0.169003 per share, as determined in accordance
with the terms of the Series 11QR Shares.
Beneficial owners of Series 10R Shares who wish to exercise the
right of conversion should communicate as soon as possible with
their broker or other nominee and should ensure that their
instructions are followed in order to meet the deadline to exercise
such right of conversion, which is 5:00 p.m.
(ET) on Thursday, September 15,
2016.
An application will be made to list the Series 11QR Shares on
the Toronto Stock Exchange.
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 Financial
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 June 30,
2016, the Sun Life Financial group of companies had total
assets under management of $865
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