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Sun Life Financial Inc | Class A Non-Cumulative Rate Reset Preferred Shares Series 10R (SLF.PRH.CA)
Prospectus excerpt: The holders of Class A Non-Cumulative Rate Reset Preferred Shares Series 10R (the “Series 10R Shares”) of Sun Life Financial Inc. (“SLF” or the “Corporation”) will be entitled to receive fixed non-cumulative preferential cash dividends, as and when declared by the board of directors of the Corporation (the “Board of Directors”), for the initial period from and including the closing date of this offering to but excluding September 30, 2016 (the “Initial Fixed Rate Period”), payable quarterly on the last day of March, June, September and December in each year, at a per annum rate of 3.90% per share, or $0.24375 per share per quarter. The initial dividend, if declared, will be payable on December 31, 2011 and will be $0.37664 per share, based on the anticipated closing date of the offering hereunder of August 12, 2011 in respect of the period from and including such date of initial issue of Series 10R Shares to but excluding December 31, 2011. See “Details of the Offering”. For each 5-year period after the Initial Fixed Rate Period (each a “Subsequent Fixed Rate Period”), the holders of Series 10R Shares will be entitled to receive fixed non-cumulative preferential cash dividends, as and when declared by the Board of Directors, payable quarterly on the last day of March, June, September and December in each year, in the amount per share per annum determined by multiplying the Annual Fixed Dividend Rate (as defined herein) applicable to such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend Rate for the ensuing Subsequent Fixed Rate Period will be determined by SLF on the Fixed Rate Calculation Date (as defined herein) and will be equal to the sum of the Government of Canada Yield (as defined herein) on the Fixed Rate Calculation Date plus 2.17%. See “Details of the Offering”. Full Prospectus PDF », SLF.CA Page »
Series: | 10R | Alternate symbology: | SLF-H.CA, SLF-PH.CA, SLFprH.CA | Redeemable?: | Yes | Call Date: | 9/30/2016 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | No | Conversion Ratio: | Subject to the Corporation’s right to redeem all the Series 10R Shares, the holders of such shares will have the right, at their option, to convert their Series 10R Shares into Class A Non-Cumulative Floating Rate Preferred Shares Series 11QR (the “Series 11QR Shares”), subject to certain conditions, on September 30, 2016 and on September 30 every five years thereafter. The holders of Series 11QR Shares will be entitled to receive floating rate non-cumulative preferential cash dividends, as and when declared by the Board of Directors, payable quarterly on the last day of March, June, September and December in each year (the initial quarterly dividend period and each subsequent quarterly dividend period is referred to as a “Quarterly Floating Rate Period”), in the amount per share determined by multiplying the applicable Floating Quarterly Dividend Rate (as defined herein) by $25.00. The Floating Quarterly Dividend Rate will be equal to the product obtained by multiplying (i) the sum of the T-Bill Rate (as defined herein) plus 2.17%, by (ii) a fraction, the numerator of which is the actual number of days elapsed in the applicable Quarterly Floating Rate Period and the denominator of which is 365, all as determined on the Floating Rate Calculation Date (as defined herein). See “Details of the Offering”. | Shares Offered: | 8000000 | Liquidation Preference: | $25 | Recent Market Price: | $18.50 | Discount to Liquidation Preference: (More Preferreds Trading at a Discount ») | $-6.50 (-26.00%) | Annualized Dividend: | 0.741752 | Recent Ex-Date: | 2/27/2024 | Current Yield: | 4.01% | Original Coupon: | 3.90% | Pay Period: | Quarterly | Pay Dates: | 31-Mar, 30-Jun, 30-Sep, 31-Dec | CDx3 Compliance Rating: |
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Sun Life Financial is a holding company. Through its subsidiaries, Co. is an international financial services organization providing insurance, wealth and asset management solutions to individual and corporate clients. Co. has operations in various markets worldwide, including Canada, the U.S., the U.K., Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. Co. also operates mutual fund and investment management businesses, primarily in Canada, the U.S., and Asia. Preferreds: SLF.PRA.CA, SLF.PRB.CA, SLF.PRC.CA, SLF.PRD.CA, SLF.PRE.CA, SLF.PRF.CA, SLF.PRG.CA, SLF.PRH.CA, SLF.PRI.CA Open the SLF.CA Information Page »
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