Transaction|June 30, 2021

Sun Life Financial completes offering of limited recourse capital notes

Torys acted as counsel to Sun Life Financial with a team that included Rima Ramchandani, Brett Saulnier and Claire Chapman (corporate/securities), Blair Keefe and Eli Monas (financial services regulatory) and Jerald Wortsman (tax).

On June 30, 2021, Sun Life Financial Inc. (the “Company”) announced its completed public offering of C$1 billion principal amount of 3.60% limited recourse capital notes Series 2021-1. 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.

In connection with the issuance of the notes, the Company issued 1 million Class A non-cumulative rate reset preferred shares Series 14 to be held by Computershare Trust Company of Canada as trustee of a newly formed trust (the "Limited Recourse Trust"). In case of non-payment of interest on or principal of the notes when due, the recourse of each noteholder will be limited to that holder's proportionate share of the limited recourse trust's assets, which will consist of Series 14 shares except in limited circumstances.

Further information can be found on Canada Newswire’s website.

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.