TORONTO, Nov. 14, 2016 /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
outstanding Class A Non-Cumulative Rate Reset Preferred Shares
Series 12R (the "Series 12R Shares") on December 31, 2016. As a result, subject to
certain conditions, the holders of Series 12R Shares will have the
right, at their option, to convert all or part of their Series
12R Shares on a one-for-one basis into Class A Non-Cumulative
Floating Rate Preferred Shares Series 13QR of Sun Life Financial
(the "Series 13QR Shares") on December 31,
2016. Holders of Series 12R Shares who do not exercise their
right to convert their Series 12R Shares into Series 13QR Shares on
that date will retain their Series 12R Shares.
The foregoing conversions are subject to the following
conditions: (i) if Sun Life Financial determines that there would
be less than one million Series 12R Shares outstanding after
December 31, 2016, then all remaining
Series 12R Shares will automatically be converted into Series 13QR
Shares on a one-for-one basis on December
31, 2016, and (ii) alternatively, if Sun Life Financial
determines that there would be less than one million Series 13QR
Shares outstanding after December 31,
2016, no Series 12R Shares will be converted into Series
13QR Shares. In either case, Sun Life Financial will give written
notice to that effect to any registered holder affected by the
preceeding minimums on or before Thursday,
December 22, 2016.
The dividend rate applicable to the Series 12R Shares for the
five-year period commencing on December 31,
2016 to but excluding December 31,
2021, and the dividend rate applicable to the Series 13QR
Shares for the three-month period commencing on December 31, 2016 to but excluding March 31, 2017, will be determined on
Thursday, December 1, 2016 and will
be announced in a news release on December
1, 2016.
Beneficial owners of Series 12R Shares who wish to exercise
their 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 ensure that the deadline to
exercise such right of conversion is met, which is 5:00 p.m. (ET) on Friday,
December 16, 2016.
Subject to regulatory approval, Sun Life Financial: (i)
may redeem the Series 12R Shares and the Series 13QR Shares in
whole or in part on December 31, 2021
and on the 31st of December in every fifth year
thereafter by the payment of an amount for each share so redeemed
of $25.00, together with all declared
and unpaid dividends to the date fixed for such redemption, and
(ii) may redeem the Series 13QR Shares in whole or in part on any
other date after December 31, 2016 by
the payment of an amount for each share so redeemed of $25.50, together with all declared and unpaid
dividends to the date fixed for such redemption.
An application will be made to list the Series 13QR Shares on
the Toronto Stock Exchange.
The Series 12R Shares and the Series 13QR 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 September 30, 2016, the Sun Life Financial group
of companies had total assets under management of $908 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.
Media Relations Contact:
Gannon Loftus
Manager, Media & PR
Corporate Communications
T. 416-979-6345
gannon.loftus@sunlife.com
Investor Relations Contact:
Gregory Dilworth
Vice-President
Investor Relations
T. 416-979-4198
investor.relations@sunlife.com
SOURCE Sun Life Financial Inc. - Financial News