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Sun Life Financial announces offering of subordinated unsecured debentures.

Global Banking News-September 23, 2015--Sun Life Financial announces offering of subordinated unsecured debentures

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Global Banking News - 23 September 2015

Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) has said that it plans to issue up to USD500m principal amount of Series 2015-1 Subordinated Unsecured 2.60 percent Fixed/Floating Debentures due 2025 in Canada.

The offering is expected to close on September 25, 2015, and the proceeds will be used to fund the acquisition of the employee benefits business of Assurant Inc. and also for general corporate purposes, which may include investments in subsidiaries.

The debentures will be sold on a best efforts agency basis by a syndicate led by RBC Capital Markets (RBC) (TSX: RY) (NYSE: RY) and Canadian Imperial Bank of Commerce (CIBC) (NYSE: CM) (TSX: CM), as co-leads. The proceeds from this offering are expected to qualify for Tier 2B capital.

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Publication:Global Banking News (GBN)
Date:Sep 23, 2015
Words:173
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