C$ unless otherwise
stated
TSX/NYSE/PSE: MFC SEHK: 945
TORONTO, Feb. 19, 2021 /PRNewswire/ - Manulife Financial
Corporation ("MFC") has successfully completed its
previously announced offering of $2
billion principal amount of 3.375% Limited Recourse
Capital Notes Series 1 (Subordinated Indebtedness) (the
"Notes").
In connection with the issuance of the Notes, MFC issued
2,000,000 Non-Cumulative Fixed Rate Reset Class 1 Shares Series 27
(the "Series 27 Shares") to be held by Computershare Trust
Company of Canada as trustee of a
newly formed trust (the "Limited Recourse Trust"). In case
of non-payment of interest on or principal of the Notes when due,
the recourse of each noteholder will be limited to that holder's
proportionate share of the Limited Recourse Trust's assets, which
will consist of Series 27 Shares except in limited
circumstances.
The Notes and the Series 27 Shares were issued under a
prospectus supplement dated February 12,
2021 to MFC's existing short form base shelf prospectus.
Details of the offering are set out in the prospectus supplement
which is available on the SEDAR website for MFC at www.sedar.com.
The offering was done on a best efforts agency basis by a syndicate
co-led by RBC Capital Markets, BMO Capital Markets, CIBC Capital
Markets, Scotiabank and TD Securities.
Neither the Notes nor the Series 27 Shares have been, nor will
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 under
the Securities Act 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 or in any other
jurisdiction where such offer or solicitation would be
unlawful.
About Manulife
Manulife Financial Corporation is a leading international
financial services group that helps people make their decisions
easier and lives better. With our global headquarters in
Toronto, Canada, we operate as
Manulife across our offices in Canada, Asia,
and Europe, and primarily as
John Hancock in the United States. We provide financial
advice, insurance, and wealth and asset management solutions for
individuals, groups and institutions. At the end of 2020, we had
more than 37,000 employees, over 118,000 agents, and thousands of
distribution partners, serving over 30 million customers. As of
December 31, 2020, we had
$1.3 trillion (US$1.0 trillion) in assets under management and
administration, and in the previous 12 months we made $31.6 billion in payments to our customers. Our
principal operations are in Asia,
Canada and the United States where we have served
customers for more than 155 years. We trade as 'MFC' on the
Toronto, New York, and the Philippine stock exchanges
and under '945' in Hong Kong.
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SOURCE Manulife Financial Corporation