Sun Life Financial Inc. announced its decision not to redeem its Class A Non-Cumulative Rate Reset Preferred Shares Series 8R and Class A Non-Cumulative Floating Rate Preferred Shares Series 9QR on June 30, 2025. This decision grants holders of these shares the option to convert their holdings on a one-for-one basis into the other series on the same date.
The conversion options are conditional. If Sun Life determines that fewer than one million Series 8R or Series 9QR shares would remain outstanding after June 30, all remaining shares of that series will be automatically converted into the other series. Sun Life plans to notify affected shareholders by June 20, 2025.
Dividend rates for both series will be determined and announced on May 30, 2025. Holders wishing to convert their shares should contact their brokers promptly, as the deadline is set for June 16, at 5:00 p.m. ET.
Subject to regulatory approval, Sun Life retains the option to redeem any or all outstanding Series 8R and Series 9QR shares at $25 per share plus unpaid dividends from June 30, 2030, and every five years thereafter. For redemptions outside these dates for Series 9QR shares, the price increases to $25.50 per share plus unpaid dividends.
These securities have not been registered under U.S. law and are restricted from being offered or sold in the United States except under certain conditions.
Sun Life operates internationally across various markets including Canada, the U.S., and Asia with assets under management totaling $1.55 trillion as of March-end this year.