Manulife completes preferred share offering
On February 25, 2014, Manulife Financial Corporation ("Manulife") issued C$200 million of Non-Cumulative Rate Reset Class 1 Shares Series 15. The offering, announced February 18, 2014, was underwritten on a bought deal basis by a syndicate co-led by Scotia Capital Inc., CIBC and RBC Capital Markets, and included BMO Capital Markets, 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 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 per cent annually commencing on the closing date and ending on, and including, June 19, 2019. Thereafter, the dividend rate will reset every five years to be equal to the 5-Year Government of Canada Bond Yield plus 2.16 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 16 on June 19, 2019 and on June 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 Manulife's website.