Manulife Financial Corporation announces intention to redeem USD 4.70% Senior Notes

Rhea-AI Summary

Manulife Financial Corporation (MFC) announced plans to redeem its outstanding U.S. $1 billion principal amount of 4.70% senior notes due June 23, 2046, on June 23, 2021. This redemption will occur at par, including any accrued interest up to the redemption date. Interest on the notes will cease to accrue on the redemption date. Manulife Financial, headquartered in Toronto, operates globally, offering financial services, insurance, and asset management, with over 30 million customers and $1.3 trillion in assets under management as of December 31, 2020.

Positive

• Redemption of U.S. $1 billion senior notes may enhance financial stability by reducing interest liabilities.
• The company maintains strong assets with $1.3 trillion under management.

Negative

• None.

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

TORONTO, April 26, 2021 /PRNewswire/ - Manulife Financial Corporation ("MFC") today announced its intention to redeem at par on June 23, 2021 all of its outstanding U.S.$1 billlion principal amount of 4.70% senior notes due June 23, 2046 (the "Notes"). The Notes are redeemable at MFC's option in whole, but not in part, on June 23, 2021 and thereafter on every June 23^rd at a redemption price equal to par, together with accrued and unpaid interest to, but excluding, the date of redemption. Formal notice will be delivered to holders of Notes in accordance with MFC's Trust Indenture.

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

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

FAQ

When will Manulife redeem its 4.70% senior notes?

Manulife will redeem its 4.70% senior notes on June 23, 2021.

What is the amount of senior notes being redeemed by Manulife?

Manulife is redeeming U.S. $1 billion in senior notes.

What happens to the interest on the senior notes after redemption?

Interest on the senior notes will cease to accrue on the redemption date.

What is the maturity date of the senior notes being redeemed?

The maturity date of the senior notes is June 23, 2046.

What financial services does Manulife provide?

Manulife provides financial advice, insurance, and asset management solutions.