By Cristal Cody
Prospect News, Aug. 4 - Sun Life Financial Inc. said Thursday that it priced C$200 million of series 10R class A non-cumulative rate reset preferred shares at C$25.00 per share.
The preferreds yield 3.9% annually for the initial period ending Sept. 30, 2016. Every five years thereafter, the dividend rate will reset at a rate equal to the five-year government of Canada bond yield plus 217 basis points.
The deal priced through a syndicate led by Scotia Capital Inc., BMO Capital Markets Corp. and RBC Dominion Securities Inc.
Proceeds will be used for general corporate purposes.
The company has applied to list the series 10R shares as of the closing date on the Toronto Stock Exchange.
Sun Life Financial is a Toronto-based international financial services organization.
| Issuer: | Sun Life Financial Inc.
|
| Amount: | C$200 million
|
| Maturity: | Sept. 30, 2016 (initial)
|
| Securities: | Non-cumulative rate reset preferred shares
|
| Bookrunners: | Scotia Capital Inc., BMO Capital Markets Corp., RBC Dominion Securities Inc.
|
| Dividend: | 3.9%, resetting Sept. 30, 2016 and every five years at five-year government of Canada bond yield plus 217 bps
|
| Price: | C$25.00 per share
|
| Yield: | 3.9%
|
| Call feature: | On or after Sept. 30, 2016
|
| Pricing date: | Aug. 3
|
| Settlement date: | Aug. 12
|
| Distribution: | Canada
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
