Sun Life Reports Results of Conversion Privilege of Class A Non-Cumulative Rate Reset Preferred Shares Series 8R and Class A Non-Cumulative Floating Rate Preferred Shares Series 9QR

Rhea-AI Summary

Sun Life Financial announced the results of its preferred shares conversion between Series 8R and Series 9QR shares. On June 30, 2025, 1,400 Series 8R shares will convert to Series 9QR shares, while 2,664,916 Series 9QR shares will convert to Series 8R shares. After the conversion, Sun Life will have 8,880,847 Series 8R Shares and 2,319,153 Series 9QR Shares outstanding. Both share series will be listed on TSX under symbols SLF.PR.G and SLF.PR.J respectively. Subject to regulatory approval, Sun Life may redeem Series 8R shares at $25.00 per share and Series 9QR shares at either $25.00 or $25.50 per share, depending on the redemption date, plus any declared and unpaid dividends.

Positive

• Provides flexibility for preferred shareholders to choose between fixed rate (Series 8R) and floating rate (Series 9QR) shares
• Company maintains redemption options for both share series, offering financial flexibility

Negative

• None.

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TORONTO, June 20, 2025 /PRNewswire/ - Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) today announced that 1,400 of its 6,217,331 Class A Non-cumulative Rate Reset Preferred Shares Series 8R (the "Series 8R Shares") have been elected for conversion on June 30, 2025, on a one-for-one basis, into Class A Non-cumulative Floating Rate Preferred Shares Series 9QR (the "Series 9QR Shares"), and 2,664,916 of its 4,982,669 Series 9QR Shares have been elected for conversion on June 30, 2025 on a one-for-one basis into Series 8R Shares. Consequently, on June 30, 2025, Sun Life will have 8,880,847 Series 8R Shares and 2,319,153 Series 9QR Shares issued and outstanding. The Series 8R Shares and Series 9QR Shares will be listed on the Toronto Stock Exchange under the symbols SLF.PR.G and SLF.PR.J, respectively.

Subject to regulatory approval, Sun Life may redeem all or any part of the outstanding Series 8R Shares, at Sun Life's option, by the payment of an amount in cash for each share so redeemed of $25.00, together with all declared and unpaid dividends to the date fixed for redemption, on June 30, 2030 and on June 30 every five years thereafter. Subject to regulatory approval, Sun Life may redeem all or any part of the then outstanding Series 9QR Shares, at Sun Life's option, by the payment of an amount in cash for each share so redeemed of (i) $25.00, together with all declared and unpaid dividends to the date fixed for redemption in the case of redemptions on June 30, 2030 and on June 30 every five years thereafter, or (ii) $25.50, together with all declared and unpaid dividends to the date fixed for redemption in the case of redemptions on any other date.

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 States.

About Sun Life

Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has 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, 2025, Sun Life had total assets under management of $1.55 trillion. For more information, please visit 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

To contact Sun Life media relations, please email Media.Relations@sunlife.com

To contact Sun Life investor relations, please email Investor_Relations@sunlife.com

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SOURCE Sun Life Financial Inc.

FAQ

What is the conversion ratio between Sun Life's Series 8R and Series 9QR preferred shares?

The conversion between Series 8R and Series 9QR preferred shares occurs on a one-for-one basis.

How many Series 8R and Series 9QR shares will Sun Life have after the June 30, 2025 conversion?

After the conversion, Sun Life will have 8,880,847 Series 8R Shares and 2,319,153 Series 9QR Shares outstanding.

What are the redemption terms for Sun Life's Series 8R preferred shares?

Subject to regulatory approval, Sun Life can redeem Series 8R shares at $25.00 per share plus declared and unpaid dividends on June 30, 2030 and every five years thereafter.

What are the redemption terms for Sun Life's Series 9QR preferred shares?

Series 9QR shares can be redeemed at $25.00 per share on June 30, 2030 and every five years thereafter, or at $25.50 per share on any other date, plus declared and unpaid dividends.

What are the trading symbols for Sun Life's Series 8R and 9QR preferred shares on TSX?

The Series 8R shares trade under symbol SLF.PR.G and Series 9QR shares under SLF.PR.J on the Toronto Stock Exchange.