Manulife completes preferred share offering

On August 15, 2014, Manulife Financial Corporation ("Manulife") issued 14 million non-cumulative rate reset Class 1 shares Series 17, at a price of C$25 per share to raise gross proceeds of C$350 million.

The offering, announced August 11, 2014, was underwritten on a bought deal basis by a syndicate of dealers co-led by Scotia Capital Inc. RBC Capital Markets and TD Securities.

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 3.90% annually commencing on the closing date and ending on, and including, December 19, 2019. Thereafter, the dividend rate will reset every five years to be equal to the 5-Year Government of Canada Bond Yield plus 2.36%. 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 18 on December 19, 2019 and on December 19 of every fifth year thereafter.

Manulife 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 on Canada Newswire's website.