TORONTO, Dec. 19, 2016 /PRNewswire/ - Sun Life Financial
Inc. (TSX: SLF) (NYSE: SLF) ("Sun Life Financial") today announced
that after having taken into account all election notices received
by the December 16, 2016 deadline for
the conversion of its Class A Non-Cumulative Rate Reset Preferred
Shares Series 12R (the "Series 12R Shares") into Class A
Non-Cumulative Floating Rate Preferred Shares Series 13QR (the
"Series 13QR Shares"), there were 832,321 Series 12R Shares
tendered for conversion, which is less than the one million shares
required to give effect to conversions into Series 13QR Shares,
meaning there will be no conversion of Series 12R Shares into
Series 13QR Shares.
For the five-year period commencing on December 31, 2016 to but excluding December 31, 2021, holders of the Series 12R
Shares 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), based
on an annual dividend rate of 3.806% per annum or $0.237875 per share per quarter, being equal to
the sum of the 5-year Government of Canada Yield, as defined in the
terms of the Series 12R Shares, on Thursday,
December 1, 2016 plus 2.73%, as determined in accordance
with the terms of those shares.
Subject to regulatory approval, Sun Life Financial may redeem
the Series 12R Shares in whole or in part on December 31, 2021 and on the 31st of
December every five years 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.
The Series 12R 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. 416-979-6230
investor.relations@sunlife.com
SOURCE Sun Life Financial Inc. - Financial News