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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Sun Life Financial Inc.    SLF   CA8667961053

SUN LIFE FINANCIAL INC.

(SLF)
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Sun Life Financial : announces offering of Subordinated Unsecured Debentures

09/30/2020 | 10:14am EST

Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) (the 'Company') announced today that it intends to issue in Canada$750 million principal amount of Series 2020-2 Subordinated Unsecured 2.06% Fixed/Floating Debentures due 2035 (the 'Debentures').

The offering is expected to close on October 1, 2020. The net proceeds will be used for general corporate purposes of the Company, which may include investments in subsidiaries, repayment of indebtedness and other strategic investments

Details of the offering will be set out in a pricing supplement that the Company intends to issue pursuant to its short form base shelf prospectus and its prospectus supplement, each dated March 28, 2019, all of which are or will be available on the SEDAR website for Sun Life Financial Inc. at www.sedar.com. The Debentures will be sold on a best efforts agency basis by a syndicate led by RBC Capital Markets, CIBC Capital Markets and Scotiabank, as co-leads. The proceeds from this offering are expected to qualify for Tier 2 capital. The Debentures have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered, sold or delivered, directly or indirectly, within the United States of America and its territories and possessions or to, or for the account or benefit of, United States persons except in certain transactions exempt from the registration requirements of such Act. This release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

Forward-Looking Statements From time to time, the Company makes written or oral forward-looking statements within the meaning of certain securities laws, including the 'safe harbour' provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements contained in this news release include statements (i) regarding the closing and use of proceeds of the offering; (ii) that are predictive in nature or that depend upon or refer to future events or conditions and (iii) that include words such as 'intends', 'expects', 'will' and similar expressions. The forwardlooking statements in this news release are stated as at September 29, 2020, represent the Company's current expectations, estimates and projections regarding future events and are not historical facts. These statements are not a guarantee of future performance and involve assumptions and risks and uncertainties that are difficult to predict. Some of these assumptions and risks and uncertainties are described further in the Company's management's News Release discussion and analysis for the year ended December 31, 2019 under the heading 'Forward-looking Statements', in the risk factors set out in the Company's annual information form for the year ended December 31, 2019 under the heading 'Risk Factors' and in the Company's interim management's discussion and analysis for the quarter ended June 30, 2020 under the heading 'Risk Management', in the other factors detailed in the Company's annual and interim financial statements and in the Company's other filings with Canadian and U.S. securities regulators, which are available for review at www.sedar.com and www.sec.gov, respectively. Actual results may differ materially from those expressed, implied or forecasted in such forward-looking statements. The Company does not undertake any obligation to update or revise its forwardlooking statements to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events, except as required by law.

About Sun Life

Sun Life is a leading international financial services organization providing a diverse range of insurance, wealth and asset management solutions to individual and corporate 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 June 30, 2020, Sun Life had total assets under management of $1,122 billion.

Contact:

Tel: 416-988-0542

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2020 38 150 M 29 948 M 29 948 M
Net income 2020 2 526 M 1 983 M 1 983 M
Net Debt 2020 - - -
P/E ratio 2020 13,9x
Yield 2020 3,76%
Capitalization 34 817 M 27 339 M 27 332 M
Capi. / Sales 2020 0,91x
Capi. / Sales 2021 0,95x
Nbr of Employees 22 719
Free-Float 86,4%
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 62,79 CAD
Last Close Price 59,51 CAD
Spread / Highest target 15,9%
Spread / Average Target 5,50%
Spread / Lowest Target -2,54%
EPS Revisions
Managers and Directors
NameTitle
Dean A. Connor President, Chief Executive Officer & Director
William D. Anderson Chairman
Kevin D. Strain Chief Financial Officer & Executive Vice President
Stevan Lewis Chief Technology Officer & Senior Vice President
Laura Money Chief Information Officer & EVP
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