TSX/NYSE/PSE: MFC SEHK: 945
US$ unless otherwise stated
TORONTO, Feb. 21, 2017 /PRNewswire/ - Manulife
Financial Corporation (NYSE: MFC) (the "Company") today announced
that it has priced a public offering in the United States of $750 million aggregate principal amount of 4.061%
subordinated notes due 2032 (the "Notes") at a public offering
price of 100%. The Notes are anticipated to qualify as Tier 2
regulatory capital of the Company.
The Notes are expected to be issued on February 24, 2017 and will bear interest at the
rate of 4.061% per year for the period from, and including, the
issue date to, but excluding, February 24,
2027 (the "Reset Date"), and at a rate per year equal to the
5-Year Mid-Swap Rate plus 1.647% for the period from, and
including, the Reset Date, to, but excluding, February
24, 2032. The Company may, at its option, redeem the Notes, in
whole, but not in part, with the prior approval of the
Superintendent of Financial Institutions (Canada) (the "Superintendent"), on
February 24, 2027, at a redemption
price equal to 100% of the principal amount of the Notes to be
redeemed, plus accrued and unpaid interest thereon to, but
excluding, the date of redemption. The Company may also
redeem the Notes, in each case, in whole, but not in part, with the
prior approval of the Superintendent, at any time within 90 days
following a specified regulatory event or at any time following a
specified tax event, in each case, at a redemption price equal to
100% of the principal amount of the Notes to be redeemed, plus
accrued and unpaid interest thereon to, but excluding, the date of
redemption.
The offering was made pursuant to a preliminary prospectus
supplement, dated February 21, 2017,
to the Company's registration statement declared effective by the
Securities and Exchange Commission (the "SEC") on December 18, 2015.
The Company intends to use the net proceeds from the sale of the
notes for general corporate purposes, including future refinancing
requirements.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC and
Morgan Stanley & Co. LLC are acting as joint book-running
managers for the offering.
This release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction. A prospectus supplement and the accompanying
prospectus related to the offering have been filed with the SEC and
are available on its website at www.sec.gov. Copies of the
prospectus supplement and accompanying prospectus, when available,
may be obtained by contacting Citigroup Global Markets Inc.,
Attention: c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, New York 11717,
by calling toll-free at (800) 831-9146 or by e-mailing:
prospectus@citi.com, J.P. Morgan Securities LLC, 383 Madison
Avenue, New York, New York 10179,
Attention: Investment Grade Syndicate Desk – 3rd Floor,
or by calling at (212) 834-4533, or Morgan Stanley & Co. LLC,
Attention: Prospectus Department, 180 Varick Street, New York, New York 10014, by calling toll-free
at (866) 718-1649 or by e-mailing:
prospectus@morganstanley.com.
The securities will not be offered or sold, directly or
indirectly, in Canada or to any
resident of Canada.
About Manulife Financial Corporation
Manulife Financial Corporation is a leading international
financial services group that helps people achieve their dreams and
aspirations by putting customers' needs first and providing the
right advice and solutions. We operate as John Hancock in the
United States and Manulife elsewhere. We provide
financial advice, insurance, as well as wealth and asset management
solutions for individuals, groups and institutions. At the end of
2016, we had approximately 35,000 employees, 70,000 agents, and
thousands of distribution partners, serving more than 22 million
customers. At the end of 2016, we had C$977
billion ($728 billion) in
assets under management and administration, and in the previous 12
months we made almost C$26 billion in
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.
SOURCE Manulife Financial Corporation