Opérations et transactions|11 mars 2011
Manulife Financial completes C$200 million preferred share offering
Torys acted as counsel to Manulife Financial with a team that included David Seville, Jonathan Cescon, Raegan Kennedy, Rory McGillis, Zack Newton and Dan Doubilet (securities), Blair Keefe (regulatory) and Jim Welkoff and Catrina Card (tax).
On March 11, 2011, Manulife Financial Corporation announced the completion of its Canadian public offering of 8 million Non-cumulative Rate Reset Class 1 Shares Series 3 (the Series 3 Shares) at C$25 per share to raise gross proceeds of C$200 million. The offering was underwritten by a syndicate of investment dealers led by Scotia Capital Inc. and RBC Dominion Securities Inc.
Holders of the Series 3 Shares will be entitled to receive a non-cumulative quarterly fixed dividend yielding 4.20% annually for the initial period ending June 19, 2016. Thereafter, the dividend rate will be reset every five years at a rate equal to the 5-year Government of Canada bond yield plus 1.41%. The Series 3 Shares are convertible, in certain circumstances, into Non-cumulative Rate Reset Class 1 Shares Series 4. Holders of the Series 4 Shares will be entitled to receive non-cumulative quarterly floating dividends at a rate equal to the three-month Government of Canada Treasury Bill yield plus 1.41%. The Series 4 Shares are convertible, in certain circumstances, into Series 3 Shares.
The Series 3 Shares have not been and will not be registered in the United States under the United States Securities Act.
Manulife Financial, headquartered in Toronto, is a leading financial services group operating in 22 countries and territories worldwide.
Further information about this transaction is found on Manulife's website.
Holders of the Series 3 Shares will be entitled to receive a non-cumulative quarterly fixed dividend yielding 4.20% annually for the initial period ending June 19, 2016. Thereafter, the dividend rate will be reset every five years at a rate equal to the 5-year Government of Canada bond yield plus 1.41%. The Series 3 Shares are convertible, in certain circumstances, into Non-cumulative Rate Reset Class 1 Shares Series 4. Holders of the Series 4 Shares will be entitled to receive non-cumulative quarterly floating dividends at a rate equal to the three-month Government of Canada Treasury Bill yield plus 1.41%. The Series 4 Shares are convertible, in certain circumstances, into Series 3 Shares.
The Series 3 Shares have not been and will not be registered in the United States under the United States Securities Act.
Manulife Financial, headquartered in Toronto, is a leading financial services group operating in 22 countries and territories worldwide.
Further information about this transaction is found on Manulife's website.