Chicago, June 27 – Sun Life Financial, Inc. announced it is ready to issue its second sustainability bond offering (A), according to a press release.
The company plans to issue C$500 million of series 2023-1 subordinated fixed-to-floating rate debentures due 2035 with a starting 5.5% coupon.
The debentures are being sold on a best-efforts basis by TD Securities, CIBC Capital Markets and Scotiabank.
Proceeds will be used to finance or refinance green or social assets that meet eligibility criteria defined in the issuer’s framework.
The debentures are expected to qualify as tier 2 capital.
The offering is expected to close on July 4.
Sun Life Financial is a Toronto-based financial services and insurance company.
| Issuer: | Sun Life Financial, Inc.
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| Amount: | C$500 million
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| Issue: | Subordinated fixed-to-floating rate debentures
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| Maturity: | 2035
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| Bookrunners: | TD Securities, CIBC Capital Markets and Scotiabank
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| Coupon: | 5.5% initial rate
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| Announcement date: | June 27
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| Settlement date: | July 4
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| Ratings: | S&P: A
|
| Marketing: | Best efforts
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