MANILA, Philippines – Sun Life Financial Inc. (PSE:SLF) announces to redeem Series 2012-1 Subordinated Unsecured 4.38% Fixed/Floating Debentures worth $800 million.
In a disclosure to the Philippine Stock Exchange (PSE), Eric Weinheimer, Sun Life Vice President and Associate General Counsel, reported that the firm discloses its plan to turn in all the outstanding Series 2012-1 Subordinated Unsecured 4.38% Fixed/ Floating Debentures valued at $800 million in compliance with the related redemption terms. The funds for the redemption would come from its liquid assets and current cash reserve.
The debentures are applicable for repurchase at the company’s option dated March 2, 2017. The value would be based on the redemption price per debenture equal to the preliminary sum together with unpaid and accrued interest to the buyback schedule. The holders would receive the notice regarding the debentures in accordance with the drafted terms in the government trust formal agreement.
After the redemption of debentures, interest would be void from and following the date of the buyback. The holders of debentures would no longer be allowed to carry out their rights as bearers other than to receive the price of repurchase.
Sun Life Financial Inc. is a publicly listed company based in Canada and is the holding firm of Sun Life Assurance Company of Canada. The firm was incorporated in Canada on August 5, 1999. The company and its arms are diversified foreign financial service providers. Among its products and services are savings, pension, retirement, health insurance, and life insurance options. It operates in Canada, United States, the United Kingdom, and Asia.
The group also operates businesses concentrated on mutual fund and investment management, particularly in Canada, United States, and Asia. Besides the local bourse of the Philippines, the firm also trades in New York Stock Exchange (NYSE) and Toronto Stock Exchange (TSX).
There is a number of markets globally where SLF operates, such as in Canada, United States, United Kingdom, Japan, Philippines, India, Hong Kong, Ireland, Australia, Singapore, Bermuda, Indonesia, Malaysia, and Vietnam. Sun Life has five business sectors, which are SLF Asia, Corporate, SLF Canada, SLF Asset Management, and SLF US.
In 1895, SLF’s operations in the Philippines commenced. Specifically, the country benefits from the firm through its set of protection and savings products, which are chiefly provided through bancassurance channel and career agency sales force. Individuals and corporate clients are served by the company with life and health insurance packages through Sun Life of Canada (Philippines) Inc. and Sun Life Grepa Financial, Inc.