Manulife Financial Corporation intends to issue C$500 million aggregate principal amount of 3.983% fixed/floating subordinated debentures due May 23, 2035.
The debentures will bear a fixed interest rate of 3.983% until May 23, 2030. Following this date, the interest rate will adjust to 1.32% over the Daily Compounded CORRA. Manulife may redeem the debentures, in whole or in part, on or after May 23, 2030, subject to regulatory approval.
The offering, expected to close on May 23, 2025, is being conducted on a best efforts agency basis by a syndicate co-led by RBC Capital Markets, Scotiabank, and TD Securities.
Manulife intends to use the net proceeds from this offering for general corporate purposes, including investments in its subsidiaries and potential future redemptions of existing securities.
The debentures will constitute subordinated indebtedness of Manulife, ranking equally with its other subordinated indebtedness.
