Manulife Financial Corporation completes C$250 million offering of Preferred Shares

On February 22, 2012, Manulife Financial Corporation completed its C$250 million offering of non-cumulative rate reset Class 1 shares Series 7. The offering was underwritten on a bought deal basis by a syndicate of underwriters which was co-led by Scotia Capital Inc., RBC Capital Markets and TD Securities Inc., and included BMO Capital Markets, CIBC World Markets Inc., National Bank Financial Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc., Canaccord Genuity Corp., Laurentian Bank Securities Inc. and Manulife Securities Incorporated.

The preferred shares were issued at a price of C$25.00 per share and holders will be entitled to receive non-cumulative preferential quarterly dividends as and when declared by the board of directors of MFC, to yield 4.60% annually commencing on the closing date and ending on and including March 19. 2017. Thereafter, the dividend rate will reset every 5 years to be equal to the 5-Year Government of Canada Bond Yield plus 3.13%. Subject to certain conditions, holders may elect to convert any or all of their Non-cumulative Rate Reset Class 1 Shares Series 7 into an equal number of Non-cumulative Floating Rate Class 1 Shares Series 8 on March 19, 2017 and on March 19 of every fifth year thereafter.

Further information can be found on Manulife's website.

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.