TORONTO, March 29 /CNW/ - Manulife Financial Corporation ("MFC"), and its subsidiaries, Manulife Finance Holdings Limited ("MFHL") and The Manufacturers Investment Corporation ("MIC"), jointly announced that, pursuant to the indentures governing MIC's 6.822% Senior Unsecured Notes due May 31, 2011 and MIC's 6.646% Senior Unsecured Notes due November 30, 2011 (together, the "Indentures"), MIC intends to designate MFHL as successor obligor. The assumption of the Notes by MFHL is expected to be completed on March 30, 2010. In connection with the assumption, the Indentures will be amended accordingly and copies of the Indentures and indentures supplemental thereto will be made available on SEDAR under the company profile for MFHL.
Pursuant to the assumption and the amendments, MFHL will became liable in place of MIC for the payment of all of the Notes and interest payments on the Notes and MIC will be released from all of its obligations. MFHL's payment obligations under the MFHL Notes will continue to be guaranteed by MFC on a senior basis. Other than the change in primary obligor, the material terms of the MIC Notes will remain unchanged.
MFHL was incorporated under the Canada Business Corporations Act on October 31, 2006 and is a direct wholly-owned subsidiary of MFC. MFHL is a non-operating holding company. MFHL's head and registered office is located at 200 Bloor Street East, Toronto, Ontario, Canada M4W 1E5.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 22 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers customers a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn $440 billion (US$420 billion) as at December 31, 2009.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
SOURCE Manulife Financial Corporation
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