Transaction|June 21, 2013
Manulife completes Preferred Share offering
Torys acted as counsel to Manulife with a team that included David Seville, Jonathan Cescon, Will Hooper, Shane Attersley (securities), Blair Keefe (insurance regulatory) and Catrina Card (tax).
On June 21, 2013, Manulife Financial Corporation ("Manulife") issued C$200 million of Non-cumulative Rate Reset Class 1 Shares Series 13. The offering was underwritten on a bought deal basis by a syndicate co-led by Scotia Capital Inc. and RBC Capital Markets, and included BMO Capital Markets, CIBC, TD Securities Inc., National Bank Financial Inc., Desjardins Securities Inc., Canaccord Genuity Corp., HSBC Securities (Canada) Inc., Manulife Securities Incorporated and Laurentian Bank Securities Inc.
The preferred shares were issued to the public at a price of C$25.00 per preferred share and holders are entitled to receive non-cumulative preferential quarterly dividends as and when declared by the board of directors of Manulife, to yield 3.80 per cent annually commencing on the closing date and ending on, and including, September 19, 2018. Thereafter, the dividend rate will reset every five years to be equal to the 5-Year Government of Canada Bond Yield plus 2.22 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 14 on September 19, 2018 and on September 19 of every fifth year thereafter. The offering was announced on June 17, 2013 and closed on June 21, 2013.
Further information can be found on Canada Newswire's website.
The preferred shares were issued to the public at a price of C$25.00 per preferred share and holders are entitled to receive non-cumulative preferential quarterly dividends as and when declared by the board of directors of Manulife, to yield 3.80 per cent annually commencing on the closing date and ending on, and including, September 19, 2018. Thereafter, the dividend rate will reset every five years to be equal to the 5-Year Government of Canada Bond Yield plus 2.22 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 14 on September 19, 2018 and on September 19 of every fifth year thereafter. The offering was announced on June 17, 2013 and closed on June 21, 2013.
Further information can be found on Canada Newswire's website.