Manulife Financial Corporation Announces Subordinated Debenture Issue

Manulife Financial Corporation has stated that it plans to issue $1.1 billion in principal amount of 5.054% fixed/floating subordinated debentures due February 23, 2034 (the Debentures). MFC intends to submit a prospectus supplement to its current base shelf prospectus in connection with this issuance.

The Debentures will bear interest at a fixed rate of 5.054% until February 23, 2029, and then at a rate of 1.44% over Daily Compounded CORRA. It will mature on February 23, 2034.

Subject to prior regulatory clearance, MFC may redeem the Debentures in whole or in part on or after February 23, 2029, at a redemption price equal to par plus accrued and unpaid interest, excluding the redemption date. The Debentures will be considered subordinated indebtedness, ranking equally and rateably with all other subordinated indebtedness issued and outstanding by MFC from time to time (excluding subordinated indebtedness that has been further subordinated in line with its terms).

The offering is being done on a best efforts agency basis by a syndicate co-led by RBC Capital Markets, BMO Capital Markets, and CIBC Capital Markets. The offering is expected to close on February 23, 2024.

MFC expects to use the Debenture offering's net proceeds for general company objectives, such as investing in subsidiaries and potentially redeeming existing securities.

Manulife Financial Corporation is a global leader in financial services, empowering individuals to make informed decisions and improve their lives.