Transaction|December 4, 2012
Manulife Financial Corporation issues C$200 million of preferred shares
Torys acted as counsel to Manulife Financial Corporation with a team that included David Seville, Jonathan Cescon, David Leith (Securities), Blair Keefe (Insurance Regulatory) and Jim Welkoff and Catrina Card (tax).
On December 4, 2012 Manulife Financial Corporation issued C$200 million of Non-cumulative Rate Reset Class 1 Shares Series 11 (the Preferred Shares). The offering was underwritten on a bought deal basis by a syndicate co-led by Scotiabank, RBC Capital Markets and TD Securities Inc. and included BMO Capital Markets, CIBC, National Bank Financial Inc., Desjardins Securities Inc., Canaccord Genuity Corp., HSBC Securities (Canada) Inc., Laurentian Bank Securities Inc. and Manulife Securities Incorporated.
The Preferred Shares were issued to the public at a price of C$25.00 per Preferred Share and holders will be entitled to receive non-cumulative preferential quarterly dividends as and when declared by the board of directors of Manulife, to yield 4.00 per cent annually commencing on the closing date and ending on, and including, March 19, 2018. Thereafter, the dividend rate will reset every five years to be equal to the 5-Year Government of Canada Bond Yield plus 2.61 per cent. Subject to certain conditions, holders may elect to convert any or all of their Preferred Shares into an equal number of Non-Cumulative Floating Rate Class A Preferred Shares Series 12 on March 19, 2018 and on March 19 of every fifth year thereafter. The offering was announced on November 27, 2012 and closed on December 4, 2012.
Manulife Financial is a financial services company providing financial protection and wealth management products and services, to individual and group customers in Canada, the United States and Asia.
Further information can be found Canada Newswire's website.
The Preferred Shares were issued to the public at a price of C$25.00 per Preferred Share and holders will be entitled to receive non-cumulative preferential quarterly dividends as and when declared by the board of directors of Manulife, to yield 4.00 per cent annually commencing on the closing date and ending on, and including, March 19, 2018. Thereafter, the dividend rate will reset every five years to be equal to the 5-Year Government of Canada Bond Yield plus 2.61 per cent. Subject to certain conditions, holders may elect to convert any or all of their Preferred Shares into an equal number of Non-Cumulative Floating Rate Class A Preferred Shares Series 12 on March 19, 2018 and on March 19 of every fifth year thereafter. The offering was announced on November 27, 2012 and closed on December 4, 2012.
Manulife Financial is a financial services company providing financial protection and wealth management products and services, to individual and group customers in Canada, the United States and Asia.
Further information can be found Canada Newswire's website.