Sun Life Offers $950M of SLEECS

Sun Life Capital Trust, a special-purpose trust established by Sun Life Assurance Company of Canada, completed an offering of Sun Life ExchangEable Capital Securities (SLEECS), a security that qualifies as tier one for insurance regulatory purposes. At $950 million, it was the largest offering of its type in Canada. The deal closed on October 19, 2001.

William Minucci and Natalie Ochrym, in-house counsel at Sun Life supervised legal matters. Torys LLP acted as external counsel to Sun Life with a team that included Phil Mohtadi, GuyLaine Charles, Paul Guthrie and Blair Keefe (regulatory) and Lucia ten Kortenaar and Ron Nobrega (tax). The underwriters, co-led by Scotia Capital Inc. and Merrill Lynch Canada Inc., were represented by McCarthy Tétrault LLP with a team comprised of Barry Ryan, Jonathan Grant and Steven Kim (business) and Gabrielle Richards and Michael Quigley (tax).