Sun Life Financial Inc. Announces Conversion Privilege Results of Class A Series 8R and Series 9QR Preferred Shares

Strategic Insights -

Sun Life Financial Inc. has revealed the results of its conversion privilege of class A series 8R and series 9QR preferred shares. A total of 1,400 class A series 8R non-cumulative rate reset preferred shares were elected for conversion into class A series 9QR non-cumulative floating rate preferred shares on a one-for-one basis. Additionally, 2,664,916 series 9QR shares were elected for conversion into series 8R shares on a one-for-one basis. As a result, the company will have 8,880,847 series 8R shares and 2,319,153 series 9QR shares issued and outstanding as of June 30, 2025.

Key Takeaways:

  • Sun Life Financial Inc. has converted 1,400 class A series 8R non-cumulative rate reset preferred shares into class A series 9QR non-cumulative floating rate preferred shares on a one-for-one basis.
  • The company has also converted 2,664,916 series 9QR shares into series 8R shares on a one-for-one basis.
  • The series 8R shares and series 9QR shares will be listed on the Toronto Stock Exchange under the symbols SLF.PR.G and SLF.PR.J, respectively.
  • The company has a total of 8,880,847 series 8R shares and 2,319,153 series 9QR shares issued and outstanding as of June 30, 2025.
  • Sun Life may redeem all or part of the outstanding series 8R shares at USD 25.00 per share plus any declared and unpaid dividends on June 30, 2030, and every fifth anniversary thereafter.
  • The company may also redeem the outstanding series 9QR shares at USD 25.00 per share plus declared and unpaid dividends on June 30, 2030, and every fifth June 30 thereafter, or at USD 25.50 per share plus declared and unpaid dividends on any other date.

Statistics:

  • 1,400 class A series 8R non-cumulative rate reset preferred shares were converted into class A series 9QR non-cumulative floating rate preferred shares on a one-for-one basis.
  • 2,664,916 series 9QR shares were converted into series 8R shares on a one-for-one basis.
  • The company has a total of 8,880,847 series 8R shares and 2,319,153 series 9QR shares issued and outstanding as of June 30, 2025.
  • Sun Life has total assets under management of CAD1.55tn as of March 31, 2025.

Sources:

  • M2 Communications, "Banking and Credit News", June 23, 2025, "Sun Life reveals results of conversion privilege of class A series 8R and series 9QR preferred shares".
  • TSX: SLF, NYSE: SLF, Sun Life Financial Inc.