{"id":42510,"date":"2021-09-04T09:48:06","date_gmt":"2021-09-04T14:48:06","guid":{"rendered":"http:\/\/prefblog.com\/?p=42510"},"modified":"2026-09-01T21:23:06","modified_gmt":"2026-09-02T01:23:06","slug":"slf-pr-h-to-reset-to-2-967","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=42510","title":{"rendered":"SLF.PR.H To Reset To 2.967%"},"content":{"rendered":"

Sun Life Financial Inc. has announced<\/a> (on 2021-8-31):<\/p>\n

the applicable dividend rates for its Class A Non-Cumulative Rate Reset Preferred Shares Series 10R (the “Series 10R Shares”) and Class A Non-Cumulative Floating Rate Preferred Shares Series 11QR (the “Series 11QR Shares”).<\/p>\n

With respect to any Series 10R Shares that remain outstanding after September 30, 2021, commencing as of such date, holders thereof will be entitled to receive non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of Sun Life and subject to the Insurance Companies Act (Canada). The dividend rate for the five-year period commencing on September 30, 2021 and ending on September 29, 2026 will be 2.967% per annum or $0.185438 per share per quarter, being equal to the sum of the Government of Canada Yield, as defined in the terms of the Series 10R Shares, on Tuesday, August 31, 2021 plus 2.17%, as determined in accordance with the terms of the Series 10R Shares.<\/p>\n

With respect to any Series 11QR Shares that remain outstanding after September 30, 2021, holders thereof will be entitled to receive floating rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of Sun Life and subject to the Insurance Companies Act (Canada), based on a dividend rate equal to the sum of the T-Bill Rate, as defined in the terms of the Series 11QR Shares, plus 2.17% (calculated on the basis of the actual number of days elapsed in such Quarterly Floating Rate Period divided by 365 days), subject to certain adjustments in accordance with the terms of the Series 11QR Shares. The dividend rate for the period commencing on September 30, 2021 and ending on December 30, 2021 will be equal to 2.357% per annum or $0.148523 per share, as determined in accordance with the terms of the Series 11QR Shares.<\/p>\n

Beneficial owners of Series 10R Shares and Series 11QR Shares who wish to exercise their right of conversion should communicate as soon as possible with their broker or other nominee and ensure that they follow their instructions in order to meet the deadline to exercise such right, which is 5:00 p.m. (ET) on Wednesday, September 15, 2021.<\/p><\/blockquote>\n

SLF.PR.H is a FixedReset, 3.90%+217, that commenced trading 2011-8-12<\/a> after being announced 2011-8-4<\/a>. After notice of extension<\/a> the issue reset to 2.842%<\/a> in 2016 and there was a 14% conversion to the FloatingReset<\/a> SLF.PR.K.<\/p>\n

SLF.PR.K is a FloatingReset, Bills+217, that arose via a partial conversion from SLF.PR.H<\/a> in 2016.<\/p>\n

Update, 2026-09-01<\/b>: According to a press release which may be found by searching SEDARPlus for “Sun Life Financial Inc. \/ Financi\u00e8re Sun Life inc. (000013157); News release – English.pdf; 20 Sep 2021 17:03 EDTSeptember 20 2021 at 17:03:16 Eastern Daylight Time; Ontario; 106 KB; Generate URL” (the regulators consider press releases to be TOP SECRET and will not permit me to link directly to these public documents):<\/p>\n

Sun Life Financial Inc.today announced that 525,503 of its 6,919,928 Class A Non-cumulative Rate Reset Preferred Shares Series 10R (the \u201cSeries 10R Shares\u201d) have been elected for conversion on September 30, 2021, on a one-for-one basis, into Class A Non-cumulative Floating Rate Preferred Shares Series 11QR (the \u201cSeries 11QR Shares\u201d), and 444,247 of its 1,080,072 Series 11QR Shares have been elected for conversion on September 30, 2021on a one-for-one basis, into Series 10R Shares. Consequently, on September 30, 2021, Sun Life will have 6,838,672Series 10R Shares and 1,161,328 Series 11QR Shares issued and outstanding. The Series 10R Shares and Series 11QR Shares will be listed on the Toronto Stock Exchange under the symbols SLF.PR.Hand SLF.PR.K, respectively. <\/p>\n

Subject to regulatory approval, Sun Life may redeem all or any part of the outstanding Series 10R Shares, at Sun Life\u2019s option, by the payment of an amount in cash for each share so redeemed of $25.00, together with all declared and unpaid dividendsto the date fixed for redemption, on September30, 2026 and on the 30th of Septemberin every fifth year thereafter. Subject to regulatory approval, Sun Life may redeem all or any part of the then outstanding Series 11QR Shares, at Sun Life\u2019s option, by the payment of an amount in cash for each shareso redeemed of (i) $25.00, together with all declared and unpaid dividends to the date fixed for redemption in the case of redemptions on September 30, 2026 and on September30 every five years thereafter, or (ii) $25.50, together with all declared and unpaid dividendsto the date fixed for redemption in the case of redemptions on any other date.<\/p><\/blockquote>\n

This represented a 1% net conversion into the FloatingReset.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sun Life Financial Inc. has announced (on 2021-8-31): the applicable dividend rates for its Class A Non-Cumulative Rate Reset Preferred Shares Series 10R (the “Series 10R Shares”) and Class A Non-Cumulative Floating Rate Preferred Shares …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-42510","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42510","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=42510"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42510\/revisions"}],"predecessor-version":[{"id":52513,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42510\/revisions\/52513"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}