Sun Life Announces Offer of Unsecured Subordinated Debentures

Sun Life Logo (CNW Group / Sun Life Financial Inc.)

TORONTO, November 16, 2021 / CNW / – Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) (the “Society“) announced today its intention to issue in Canada $ 500 million Principal Amount of Series 2021-1 2.46% Unsecured Subordinated Fixed / Floating Rate Debentures due 2031 (the “Series 2021-1 Debentures”), $ 1 $ billion principal amount of Series 2021-2 Fixed / Floating Rate 2.80% Unsecured Subordinated Debentures due 2033 (the “Series 2021-2 Debentures”) and $ 500 million principal amount of Series 2021-3 Fixed / Variable 3.15% unsecured subordinated debentures due 2036 (the “Series 2021-3 Debentures” and, together with the Series 2021-1 Debentures and series 2021-2, the “Debentures“) for an aggregate principal amount of $ 2 billion. The offer is expected to close on November 18, 2021. The net proceeds will be used for general corporate purposes of the Company, which may include financing a portion of the purchase price for the previously announced acquisition of DentaQuest Group, Inc. (the “Acquisition”) , investments in subsidiaries, debt repayment and other strategic investments.

The Company will be required to redeem the Series 2021-2 Debentures and the Series 2021-3 Debentures in full at a redemption price equal to par, with accrued and unpaid interest up to the date fixed for redemption, but excluded. if (i) the closing of the acquisition did not take place on or before October 3, 2022 (or any later date as extended in accordance with the Acquisition Agreement relating to the Acquisition) (the “External Date”) or (ii) such Acquisition Agreement is terminated at any time prior to the External Date in accordance with its conditions without closing of the Acquisition.

Further details of the Offer will be set out in the pricing supplements that the Company intends to issue under its short form base shelf prospectus and prospectus supplement, each dated. March 19, 2021, which are or will be available on Sun Life Financial Inc.’s SEDAR website. 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-sponsors. The proceeds of the offering of the Series 2021-1 Debentures and, upon closing of the Acquisition of DentaQuest Group, Inc., of the Series 2021-2 and 2021-3 Debentures, are expected to be eligible 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, in the United States of America and its territories and possessions or to, or on behalf of or for the benefit of, United States persons, except in certain transactions exempted from the registration requirements of this law. This press release does not constitute an offer to sell or a solicitation to buy such securities in 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 harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. applicable securities.The forward-looking statements contained in this press release include statements (i) regarding the closing and use of the proceeds of the offering; (ii) regarding the intention of the Company to acquire DentaQuest Group, Inc. .; (iii) which are predictive in nature or which depend on or refer to future events or conditions; and (iv) which include words such as “is considering”, “expects”, “will” and similar expressions. The forward-looking statements contained in this press release are set out in November 16, 2021, represent the Company’s current expectations, estimates and projections regarding future events and are not historical facts. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Some of these assumptions, risks and uncertainties are described in more detail in the Company’s management report for the year ended. December 31, 2020 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, 2020 under the heading “Risk Factors” and in the Company’s interim management report for the quarter ended September 30, 2021 under the heading “Risk Management”, in other factors detailed in the Company’s annual and interim financial statements and in other documents filed by the Company with securities regulators in Canada and the United States, which can be found at www.sedar.com and www.sec. government, respectively. Actual results may differ materially from those expressed, implied or anticipated in these forward-looking statements.

The Company assumes no obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unforeseen 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 individuals and businesses. Sun Life operates in a number of markets around the world, including Canada, United States, the UK, Ireland, Hong Kong, The Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. From September 30, 2021, Sun Life had total assets under management of $ 1.39 trillion. For more information, please visit www.sunlife.com.

Sun Life Financial Inc. traded on the Toronto (TSX), new York (NYSE) and Philippine Stock Exchanges (PSE) under the symbol SLF.

Note to editors: All figures are in Canadian dollars

Contact person for media relations:

Irene Poon
Director
Business communication
t. 416-988-0542
[email protected]

Investor Relations Contact:

Yaniv Bitton
Vice-President, Head of Investor Relations and Capital Markets
t. 416-979-6496
Investor_ [email protected]

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SOURCE Sun Life Financial Inc.

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