NOTE: /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES./
TORONTO, May 13, 2024
/CNW/ - Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) (the
"Company" or "Sun Life") announced today that it intends to issue
in Canada $750 million principal amount of Series 2024-1
Subordinated Unsecured 5.12% Fixed/Floating Debentures due 2036
(the "Debentures"). The offering is expected to close on
May 15, 2024.
The Debentures will represent Sun Life's third offering of
sustainability bonds in Canada. An
amount equal to the net proceeds from the offering of the
Debentures will be used to finance or refinance, in whole or in
part, green and social assets within the Company's general account
that meet the eligibility criteria set out under Sun Life's 2024
Sustainability Bond Framework (the "Sustainability Bond
Framework").
Sun Life completed its inaugural sustainability bond offering in
2019. As part of the Company's focus on sustainable investing, Sun
Life manages general account assets with material environmental,
social and governance (ESG) factors embedded in its investment
processes. In addition, Sun Life invests general account assets in
ways that support a low-carbon and more inclusive society.
In April 2024, Sun Life published
its updated Sustainability Bond Framework, outlining its criteria
for sustainability bonds, which includes criteria for both green
and social assets. The updated Sustainability Bond Framework
includes additional eligible green and social categories such as
affordable housing and affordable basic infrastructure. Under
social investments, Sun Life considers facilities and services that
contribute to the long-term health of communities including
investments in hospitals, long-term care and emergency shelters and
projects that support socioeconomic advancement and empowerment,
among others. Eligible green assets under Sun Life's Sustainability
Bond Framework include investments in projects related to renewable
energy, energy efficiency, green buildings, clean transportation
and sustainable water and wastewater management, among others.
Sun Life's Sustainability Bond Framework and an independent
second party opinion by Morningstar Sustainalytics on the
Framework's alignment with the International Capital Markets
Association's Sustainability Bond Guidelines,1 Green
Bond Principles,2 and Social Bond
Principles,3 are available publicly on the
Sustainability section of Sun Life's website.4
Details of the offering will be set out in a pricing supplement
that the Company intends to issue pursuant to its short form base
shelf prospectus and its prospectus supplement, each dated
March 24, 2023, all of which are or
will be available on the SEDAR+ profile for Sun Life Financial Inc.
at www.sedarplus.ca. The Debentures will be sold on a best-efforts
agency basis by a syndicate led by RBC Capital Markets, BMO Capital
Markets, and Scotiabank, as co-lead agents. The proceeds from this
offering are expected to qualify 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, within
the United States of America and
its territories and possessions or to, or for the account or
benefit of, United States persons
except in certain transactions exempt from the registration
requirements of such Act. This release does not constitute an offer
to sell or a solicitation to buy such securities in the United States.
1
International Capital Markets Association, "The Sustainability Bond
Guidelines (SBG) 2021", published on June 14, 2018 and updated as
of June 2021.
https://www.icmagroup.org/green-social-and-sustainability-bonds/sustainability-bond-guidelines-sbg/.
2 International Capital
Markets Association, "The Green Bond Principles (GBP) 2021 (with
June 2022 Appendix 1)", published on June 28, 2022.
https://www.icmagroup.org/sustainable-finance/the-principles-guidelines-and-handbooks/green-bond-principles-gbp/.
3 International Capital
Markets Association, "The Social Bond Principles (SBP) 2023",
published on June 22, 2023.
https://www.icmagroup.org/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/.
4 Morningstar
Sustainalytics, a globally-recognized provider of ESG research,
ratings and data, evaluated Sun Life's Sustainability Bond
Framework and the alignment thereof with relevant industry
standards and provided views on the robustness and credibility of
the Sustainability Bond Framework. The second party opinion,
whether in whole or in part shall not be construed as part of the
offering, and shall not be considered as an offer or advertisement
to buy a security, solicitation of votes or proxies, investment
advice, expert opinion or negative assurance letter as defined by
the applicable legislation.
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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 harbour" provisions of the United States
Private Securities Litigation Reform Act of 1995 and applicable
Canadian securities legislation. Forward-looking statements
contained in this news release include statements (i) regarding the
offering, including the closing and use of proceeds of the
offering; (ii) relating to the Company's investments and investment
processes; (iii) that are predictive in nature or that depend upon
or refer to future events or conditions; and (iv) that include
words such as "intends", "expects", "will" and similar expressions.
The forward-looking statements in this news release are stated as
at May 13, 2024, represent the
Company's current expectations, estimates and projections regarding
future events and are not historical facts. These statements are
not a guarantee of future performance and involve assumptions and
risks and uncertainties that are difficult to predict. Actual
results may differ materially from those expressed, implied or
forecasted in such forward-looking statements. The Company makes no
guarantee that investments that meet the eligibility criteria under
the Sustainability Bond Framework will result in any environmental,
social or sustainability impact, outcome or benefit, that such
impacts, outcomes or benefits will meet anticipated targets or
objectives, or that such impacts, outcomes and benefits can be
quantified. Factors that may cause actual results to differ
materially from those expressed in forward-looking statements
include the matters set out in the Company's management's
discussion and analysis for the year ended December 31, 2023 under the heading
"Forward-looking Statements", the risk factors set out in the
Company's annual information form for the year ended December 31, 2023 under the heading "Risk
Factors" and in the Company's interim management's discussion and
analysis for the quarter ended March 31,
2024 under the heading "Risk Management", the factors set
out in the Company's 2023 Sustainability Report under the heading
"Forward-looking Statements" and other factors detailed in the
Company's annual and interim financial statements and in the
Company's other filings with Canadian and U.S. securities
regulators, which are available for review at
www.sedarplus.ca and www.sec.gov, respectively.
The Company does not undertake any obligation to update or
revise its forward-looking statements to reflect events or
circumstances after the date of this news release or to reflect the
occurrence of unanticipated events, except as required by law.
About Sun Life
Sun Life is a leading international financial services
organization providing asset management, wealth, insurance and
health solutions to individual and institutional Clients. Sun Life
has operations in a number of markets worldwide, including
Canada, the United States, the United Kingdom, Ireland, Hong
Kong, the Philippines,
Japan, Indonesia, India, China,
Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March
31, 2024, Sun Life had total assets under management of
$1.47 trillion. For more information,
please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New
York (NYSE) and Philippine (PSE) stock exchanges under the
ticker symbol SLF.
Note to editors: All figures in Canadian dollars.
Media Relations
Contact:
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Investor Relations
Contact:
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Alessandra Nigro
|
David Garg
|
Director
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Senior Vice-President,
Capital
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Corporate
Communications
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Management and Investor
Relations
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T. 416-979-4884
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T.
416-408-8649
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alessandra.nigro@sunlife.com
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david.garg@sunlife.com
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SOURCE Sun Life Financial Inc.