SL Split Corp. announces completion of $59.4 million initial public offering

    TORONTO, Nov. 7 /CNW/ - SL Split Corp. (the "Company") announced today
that it has completed its initial public offering, raising gross proceeds of
$59.4 million through the issuance of 2,110,000 Capital Shares and 1,055,000
Preferred Shares at prices of $15.26 per Capital Share and $25.78 per
Preferred Share. The Capital Shares and Preferred Shares were offered to the
public by a syndicate of agents led by Scotia Capital Inc., CIBC World Markets
Inc. and RBC Dominion Securities Inc.
    The Company holds 1,055,000 common shares (the "Sun Life Shares") of Sun
Life Financial Inc. in order to generate quarterly fixed cumulative
preferential distributions for the Preferred Shareholders representing a yield
of 5.0% per annum on the $25.78 offering price. The Capital Shareholders are
provided with a leveraged investment, the value of which is linked to changes
in the market price of the Sun Life Shares. Capital Shareholders will also
benefit from any increase in the dividends paid on the Sun Life Shares and
will be entitled to receive dividends as and when declared by the Board of
Directors of the Company. Initially, holders of Capital Shares will not
receive dividends in the ordinary course.

    Capital Shares and Preferred Shares of SL Split Corp. are listed for
trading on the Toronto Stock Exchange under the symbols SLS and SLS.PR.A

For further information:

For further information: Investor Relations: SL Split Corp., (416)
945-4514, E-mail:, Web site:

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