Manulife Corporation Announces Subordinated Debenture Issue

​Manulife Financial Corporation (MFC) announced that it intends to issue C$1 billion principal amount of 4.064% fixed/floating subordinated debentures due December 6, 2034 (the Debentures). MFC intends to file a prospectus supplement to its existing base shelf prospectus in respect of this issue.

​The Debentures will bear interest at a fixed rate of 4.064% until December 6, 2029 and thereafter at a rate of 1.25% over Daily Compounded CORRA. The Debentures mature on December 6, 2034.

Subject to prior regulatory approval, MFC may redeem the Debentures, in whole or in part, on or after December 6, 2029 at a redemption price equal to par, together with accrued and unpaid interest to, but excluding, the date fixed for redemption. The Debentures will constitute subordinated indebtedness, ranking equally and rateably with all other subordinated indebtedness of MFC from time to time issued and outstanding (other than subordinated indebtedness which has been further subordinated in accordance with its terms).

The offering is being done on a best efforts agency basis by a syndicate co-led by RBC Capital Markets, CIBC Capital Markets and Scotiabank. The offering is expected to close on December 6, 2024.

MFC intends to use the net proceeds from the offering of the Debentures for general corporate purposes, including investment in subsidiaries and potential future redemptions of existing securities.

The Debentures have not been and will not be registered in the United States under the United States Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state of the United States and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, a “U.S. person” (as defined in Regulation S under the Securities Act) absent registration or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or a solicitation to buy securities in the United States and any public offering of the securities in the United States must be made by means of a prospectus.

Access to the prospectus supplement, the corresponding base shelf prospectus and any amendment thereto in connection with the offering of the Debentures is provided in accordance with securities legislation relating to procedures for providing access to a prospectus supplement, a base shelf prospectus and any amendment thereto. The prospectus supplement, the corresponding base shelf prospectus and any amendment thereto in connection with the offering will be accessible within two business days at www.sedarplus.ca. An electronic or paper copy of the prospectus supplement, the corresponding base shelf prospectus and any amendment to the documents may be obtained, without charge, from RBC Capital Markets by email at [email protected] or phone at 416- Manulife.com 842-6311, CIBC Capital Markets by email at [email protected] or phone at 416-594-8515 or Scotiabank by email at [email protected] or phone at 416-863- 7438.

Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and lives better. With its global headquarters in Toronto, Canada, the company provides financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Wealth & Asset Management, the company offers global investment, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2023, Manulife had more than 38,000 employees, over 98,000 agents, and thousands of distribution partners, serving over 35 million customers. Manulife trades as ‘MFC’ on the Toronto, New York, and Philippine stock exchanges and under ‘945’ in Hong Kong.