Manulife completes preferred share offering

On December 3, 2014, Manulife Financial Corporation ("Manulife") completed its offering of 10 million non-cumulative rate reset Class 1 shares Series 19, at a price of C$25 per share to raise gross proceeds of C$250 million.

The offering, announced November 26, 2014, was underwritten on a bought deal basis by a syndicate of investment dealers co-led by Scotia Capital Inc., CIBC World Markets and RBC Capital Markets.

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 3.80% annually commencing on the closing date and ending on, and including, March 19, 2020. Thereafter, the dividend rate will reset every five years to be equal to the 5-Year Government of Canada Bond Yield plus 2.30%. 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 20 on March 19, 2020 and on March 19 of every fifth year thereafter.

Manulife is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States.

Further information can be found on Canada Newswire's website.