TSX/NYSE/PSE: MFC SEHK:945
C$ unless otherwise stated
TORONTO, Nov. 17, 2015 /CNW/ - The Manufacturers Life Insurance Company
("MLI"), the Canadian insurance company subsidiary of Manulife
Financial Corporation, announced today that it intends to issue $1
billion principal amount of 3.181% fixed/floating subordinated
debentures due November 22, 2027 (the "Debentures"). MLI 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 3.181% until November 22, 2022 and thereafter at a rate of 1.57% over the three month CDOR. The
Debentures mature on November 22, 2027.
Subject to prior regulatory approval, MLI may redeem the Debentures, in
whole or in part, on or after November 22, 2022 at a redemption price equal to par, together with accrued and unpaid
interest to the date fixed for redemption. The Debentures will
constitute subordinated indebtedness, ranking equally and rateably with
all other subordinated indebtedness of MLI from time to time issued and
The Debentures will be fully and unconditionally guaranteed on a
subordinated basis by Manulife Financial Corporation, as to payment of
principal, premium, if any, interest and redemption price, if any.
The offering is being done on a best efforts agency basis by a syndicate
co-led by RBC Capital Markets, BMO Capital Markets and Scotiabank
Global Banking and Markets and that includes CIBC World Markets, TD
Securities, Bank of America Merrill Lynch, National Bank Financial,
HSBC Securities, Desjardins Securities, Canaccord Capital, Laurentian
Bank Securities and Manulife Securities Incorporated. The offering is
expected to close on November 20, 2015.
MLI intends to use the net proceeds from the offering for general
corporate purposes, including future refinancing requirements.
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 group providing forward-thinking solutions to help people with
their big financial decisions. We operate as John Hancock in the
United States, and Manulife elsewhere. We provide financial advice,
insurance and wealth and asset management solutions for individuals,
groups and institutions. At the end of 2014, we had 28,000 employees,
58,000 agents, and thousands of distribution partners, serving 20
million customers. At the end of September 2015, we had $888 billion
(US$663 billion) in assets under management and administration, and in
the previous 12 months we made more than $23 billion in benefits,
interest and other payments to our customers. Our principal operations
are in Asia, Canada and the United States where we have served
customers for more than 100 years. With our global headquarters in
Toronto, Canada, we trade as 'MFC' on the Toronto, New York, and the
Philippine stock exchanges and under '945' in Hong Kong. Follow
Manulife on Twitter @ManulifeNews or visit www.manulife.com or www.johnhancock.com.
SOURCE Manulife Financial Corporation
For further information:
Sean B. Pasternak