TSX/NYSE/PSE: MFC SEHK:
945
TORONTO, June 11,
2024 /PRNewswire/ - Manulife Financial Corporation
("Manulife") announced today that it has priced an offering in
Singapore of S$500 million principal amount of 4.275%
subordinated notes due June 19, 2034
(the "Notes"). The offering will be made pursuant to an offering
circular dated June 11, 2024 and will
qualify as Tier 2 capital for Manulife.
The Notes will bear interest at a fixed rate of 4.275% until
June 19, 2029 and thereafter at a
rate of 1.201% over the then-prevailing five-year SORA OIS rate.
The Notes mature on June 19,
2034.
Manulife may, with the prior approval of the Superintendent of
Financial Institutions (Canada),
redeem the Notes in whole, but not in part, on June 19, 2029 and on any interest payment date
thereafter at a redemption price equal to par, together with
accrued and unpaid interest to, but excluding, the date fixed for
redemption. The Notes will constitute subordinated indebtedness,
ranking equally and rateably with all other subordinated
indebtedness of Manulife from time to time issued and
outstanding (other than subordinated indebtedness which has
been further subordinated in accordance with its terms).
Approval in-principle has been received from the Singapore
Exchange Securities Trading Limited (the "SGX-ST") for the listing
and quotation of the Notes on the Official List of the SGX-ST. The
SGX-ST takes no responsibility for the correctness of any of the
statements made or opinions expressed or reports contained in this
press release. Admission of the Notes to the Official List of the
SGX-ST and quotation of the Notes on the SGX-ST are not to be taken
as an indication of the merits of Manulife and its subsidiaries or
the merits of the Notes.
DBS Bank Ltd. and Standard Chartered Bank (Singapore) Limited, have been appointed as
joint lead managers and bookrunners for the offering. Australia and New Zealand Banking Group
Limited and The Hongkong and Shanghai Banking Corporation Limited,
Singapore Branch have been
appointed as co-managers for the offering.
The offering is expected to close on June
19, 2024.
The Notes 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 or other jurisdiction and
may not be offered or sold within the
United States, or to, or for the account or benefit of,
"U.S. persons" (as defined in Regulation S under the Securities
Act) except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act and
applicable state or local securities law. The offering will be made
solely to non-U.S. persons in offshore transactions pursuant to
Regulation S under the Securities Act. This press release does not
constitute an offer to sell or a solicitation to buy securities in
the United States or any other
jurisdiction where it is unlawful to do so.
The Notes will not be offered or sold, directly or indirectly,
in Canada or to any resident of
Canada.
About Manulife
Manulife Financial Corporation is a leading international
financial services provider, helping people make their decisions
easier and lives better. With our global headquarters in
Toronto, Canada, we provide
financial advice and insurance, operating as Manulife across
Canada, Asia, and Europe, and primarily as John Hancock in the
United States. Through Manulife Investment Management, the
global brand for our Global Wealth and Asset Management segment, we
serve individuals, institutions, and retirement plan members
worldwide. At the end of 2023, we had more than 38,000 employees,
over 98,000 agents, and thousands of distribution partners, serving
over 35 million customers. We trade as 'MFC' on the Toronto, New
York, and the Philippine stock exchanges, and under '945' in
Hong Kong.
Not all offerings are available in all jurisdictions. For
additional information, please visit manulife.com.
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SOURCE Manulife Financial Corporation