Manulife Financial Corporation Prices U.S. Public Offering of Subordinated Notes
Manulife Financial Corporation priced a $750 million public offering of 6.146% subordinated notes due 2041 at par, with the securities expected to qualify as Tier 2 regulatory capital. The notes will bear a fixed rate until September 2036, after which the interest rate resets to a CMT rate plus a 1.350% spread, with redemption options available starting in 2031. Net proceeds from the offering are designated for general corporate purposes, including future refinancing requirements, led by joint book-runners BofA Securities, Citigroup, J.P.
Key figures
- Deal Value Usd
- 750000000
- Offering Price
- 100.000%
- Spread
- 1.350%
- Reset date
- 2036
- Coupon rate
- 6.146%
- Maturity year
- 2041
- Tier classification
- Tier 2
AI analysis
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