Sun Life Financial Inc. in Toronto announced the completion Friday of a domestic public offering of about $268 million of noncumulative preferred shares at $20.62 per share yielding 4.80% annually.
The offering, initially for about $247.5 million was increased to $268 million after the exercise of an option to buy additional shares by the underwriting syndicate, which was led by the RBC Capital Markets unit of Royal Bank of Canada. The shares are to be listed on the Toronto Stock Exchange but not on any U.S. exchange.
Sun Life Financial is an international financial services organization that sells a range of wealth accumulation and protection products and services to individuals and corporate customers. Its stock trades on the Toronto, New York, and Philippine exchanges. At March 31, it managed about $302 billion of assets.
