Sun Life Resets $1B Capital Notes Rate to 5.614% for Five-Year Period
SLF•Sun Life Financial reset the interest rate on its $1B Limited Recourse Capital Notes Series 2021-1 to 5.614% per annum from June 30, 2026, to June 30, 2031. Sun Life also renewed its Project Power youth diabetes program partnership, pledging $125,000 yearly over two years to engage 5,000 youth.
1. Interest Rate Reset on Limited Recourse Capital Notes
Sun Life Financial announced the interest rate for $1 billion of its 3.60% Limited Recourse Capital Notes Series 2021-1 will reset to 5.614% per annum for the period June 30, 2026 to June 30, 2031, based on the Government of Canada Yield plus 2.604%. Interest will be payable semi-annually through maturity on June 30, 2081, and notes are redeemable every five years starting in 2031 with regulator approval.
2. Renewal of Project Power Youth Diabetes Initiative
Sun Life U.S. renewed its national collaboration with the American Diabetes Association to continue Project Power for youth, a program aimed at reducing obesity and type 2 diabetes risk through health education and physical activity. The firm will invest $125,000 annually over two years, targeting 5,000 youth via partnerships with over 100 community organizations and 250 trained facilitators.
