Manulife announces intention to redeem 3.049% Fixed/Floating Subordinated Debentures

Rhea-AI Summary

Manulife Financial (MFC) announced its intention to redeem its 3.049% Fixed/Floating Subordinated Debentures at par value. The total principal amount of these debentures is $750 million, and they are due on August 20, 2029. The redemption will occur on August 20, 2024, with MFC paying the principal along with any accrued and unpaid interest up to the redemption date. Interest on the debentures will cease to accrue after the redemption date. Formal notices will be sent to debenture holders in line with MFC's Trust Indenture provisions.

Positive

• Manulife is set to redeem $750 million in debentures, reducing long-term debt.
• Redemption at par value indicates strong financial health.

Negative

• None.

C$ unless otherwise stated                            TSX/NYSE/PSE: MFC     SEHK: 945

TORONTO, June 24, 2024 /PRNewswire/ - Manulife Financial Corporation ("MFC") today announced its intention to redeem at par on August 20, 2024 all of its outstanding $750,000,000 principal amount of 3.049% Fixed/Floating Subordinated Debentures (the "Debentures") due August 20, 2029. The Debentures are redeemable at MFC's option on or after August 20, 2024 at a redemption price per Debenture equal to par, together with accrued and unpaid interest to but excluding the date of redemption. Formal notice will be delivered to holders of Debentures in accordance with MFC's Trust Indenture.

Interest on the Debentures will cease to accrue on the redemption date.

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

FAQ

What is the redemption date for Manulife's 3.049% Fixed/Floating Subordinated Debentures?

The redemption date is August 20, 2024.

What is the principal amount of Manulife's debentures to be redeemed?

The principal amount is $750 million.

What is the interest rate on the Manulife debentures being redeemed?

The interest rate is 3.049%.

When will interest stop accruing on Manulife's debentures?

Interest will cease to accrue on the debentures as of the redemption date, August 20, 2024.

How will Manulife notify holders of the debentures about the redemption?

Formal notices will be delivered to debenture holders in accordance with MFC's Trust Indenture.