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Manulife Financial Corporation to issue S$500 million 4.275% subordinated notes due 2034
TSX/NYSE/PSE: MFC SEHK: 945
TORONTO, June 11, 2024 /PRNewswire/ – Manulife Financial Corporation (“Manulife”) today announced that it has priced a Singapore offering of S$500 million principal amount of 4.275% subordinated notes due June 19, 2034 (the notes”) . The offering will be made in accordance with an offering circular dated June 11, 2024 and will qualify as tier 2 capital for Manulife.
The Notes will bear interest at a fixed rate of 4.275% until June 19, 2029 and thereafter at a rate of 1.201% on the then-current five-year SORA OIS rate. The Notes mature on June 19, 2034.
Manulife may, with the prior approval of the Superintendent of Financial Institutions (Canada), redeem the Notes in whole, but not in part, on June 19, 2029 and on any subsequent interest payment date at a redemption price equal to the amount nominal, together with accrued and unpaid interest up to, but excluding, the date fixed for redemption. The Notes will constitute subordinated debt, ranking equally and proportionately with all other subordinated debt of Manulife issued and outstanding from time to time (except subordinated debt that has been further subordinated in accordance with its terms).
Approval in principle has been received from the Singapore Exchange Securities Trading Limited (the “SGX-ST”) for the listing and quotation of the Notes on the Official List of the SGX-ST. SGX-ST is not responsible for the accuracy of any statements made or opinions expressed or reports contained in this press release. The admission of the Notes to the Official List of the SGX-ST and the listing of the Notes on the SGX-ST should not be taken as an indication of the merits of Manulife and its subsidiaries or the merits of the Notes.
and Standard Chartered Bank (Singapore) Limited have been appointed as joint lead managers and bookrunners for the offering. Australia and New Zealand Banking Group Limited and Hongkong and Shanghai Banking Corporation Limited, Singapore Branch, have been appointed as co-managers of the offering.
The offering is expected to close on June 19, 2024.
The Notes 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 or other jurisdiction and may not be offered or sold in the United States, or to, or for the account or benefit of, “U.S. Persons” (as defined in Regulation S under the Securities Act), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state or local securities law. The offer will be made exclusively to non-U.S. persons in offshore transactions in accordance with Regulation S under the Securities Act. This press release does not constitute an offer to sell or a solicitation to buy securities in the United States or any other jurisdiction where it is illegal to do so.
The Notes will not be offered or sold, directly or indirectly, in Canada or to any resident of Canada.
About Manulife
Manulife Financial Corporation is a leading provider of international financial services, helping people make decisions easier and live better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife in 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 around the world. At the end of 2023, we had more than 38 thousand employees, more than 98 thousand agents and thousands of distribution partners, serving more than 35 million customers. We trade as ‘MFC’ on the Toronto, New York and Philippine stock exchanges, and under ‘945’ in Hong Kong.
Not all offers are available in all jurisdictions. For additional information, visit manulife. with.
SOURCE Manulife Financial Corporation