C$ unless otherwise
stated TSX/NYSE/PSE: MFC SEHK:
TORONTO , March 7,
2023 /PRNewswire/ - Manulife Financial Corporation
("MFC") announced today that it intends to issue
$1.2 billion principal amount of
5.409% fixed/floating subordinated debentures due March 10, 2033 (the "Debentures"). MFC
intends to file a prospectus supplement to its existing
base shelf prospectus in respect of this issue.
The Debentures will bear interest at a fixed rate of 5.409%
until March 10, 2028 and thereafter
at a rate of 1.85% over Daily Compounded CORRA. The Debentures
mature on March 10, 2033.
Subject to prior regulatory approval, MFC may redeem the
Debentures, in whole or in part, on or after March 10, 2028 at a redemption price equal to
par, together with accrued and unpaid interest to, but excluding,
the date fixed for redemption. The Debentures will constitute
subordinated indebtedness, ranking equally and rateably with all
other subordinated indebtedness of MFC from time to time issued and
outstanding (other than subordinated indebtedness which has been
further subordinated in accordance with its terms).
The offering is being done on a best efforts agency basis by a
syndicate co-led by RBC Capital Markets, Scotiabank and TD
Securities. The offering is expected to close on March 10, 2023.
MFC intends to use the net proceeds from the offering of the
Debentures for general corporate purposes, including investment in
subsidiaries and potential future redemptions of existing
The Debentures have not been and will not be registered in
the United States under the United
States Securities Act of 1933, as amended (the "Securities
Act"), or the securities laws of any state of the United States and may not be offered, sold
or delivered, directly or indirectly, in the United States or to, or for the account or
benefit of, a "U.S. person" (as defined in Regulation S under the
Securities Act) absent registration or an applicable exemption from
such registration requirements. This press release does not
constitute an offer to sell or a solicitation to buy securities in
the United States and any public
offering of the securities in the United
States must be made by means of a prospectus.
Manulife Financial Corporation is a leading international
financial services provider, helping people make their decisions
easier and lives better. With our global headquarters in
Toronto, Canada, we provide
financial advice and insurance, operating as Manulife across
Canada, Asia, and Europe, and primarily as John Hancock in the
United States. Through Manulife Investment Management, the
global brand for our Global Wealth and Asset Management segment, we
serve individuals, institutions, and retirement plan members
worldwide. At the end of 2022, we had more than 40,000 employees,
over 116,000 agents, and thousands of distribution partners,
serving over 34 million customers. We trade as 'MFC' on the
Toronto, New York, and the Philippine stock exchanges
and under '945' in Hong Kong.
Not all offerings are available in all jurisdictions. For
additional information, please visit manulife.com.
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SOURCE Manulife Financial Corporation