TORONTO, August 10, 2020 / PRNewswire / – Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) (“Sun Life”) announced its goal of repurchase all of the remarkable capital of $500 million from the 2015 series – 1 unsecured subordinate obligations to 2.60% fixed/variable (the “obligations”) in accordance with the repurchase conditions attached to the obligations. The repurchase will be financed through existing liquidity and liquidity.
Obligations may be redeemed on Sun Life or after September 25, 2020 or later, with a refund of obligations worth equivalent to the amount of capital accumulated and interest not paid on the repayment date. Sun Life intends to res purchase its obligations on September 25, 2020 (the “date of purchase”). An account will be issued to holders of obligations in accordance with the terms and situations defined in the obligations accepted as true with the obligations.
Once the obligations are redeemed, interest will no longer accrue from the date of redemption and holders of obligations shall have the right to exercise their rights as holders, except to obtain the repurchase price.