MANULIFE FINANCIAL-S (00945.HK): Prices USD 750 million subordinated notes in US public offering, coupon 6.146%
NewTimeSpace News: On 1 September 2026, Manulife Financial Corporation (stock code: 00945) announced that it has priced its offering of subordinated notes in a US public offering, with an aggregate principal amount of USD 750,000,000, bearing interest at 6.146% and due in 2041, at a public offering price of 100.000%. The proceeds of the notes offering are expected to qualify as Tier 2 capital of the Company, and the notes are expected to be issued on 11 September 2026.
From the issue date (inclusive) to the reset date of 11 September 2036 (exclusive), the notes will bear interest at a fixed annual rate of 6.146%; from the reset date (inclusive) to 11 September 2041 (exclusive), the annual interest rate will be equal to the CMT rate determined on the third business day prior to the reset date, plus a spread of 1.350%. Subject to the prior written approval of the Office of the Superintendent of Financial Institutions (OSFI) of Canada, the Company may redeem all or part of the notes at any time on or after 11 September 2031 and prior to the reset date at the applicable compensation redemption price, and may also redeem all (but not only part) of the notes on the reset date, at any time within 90 days after the occurrence of a specified regulatory event, or after the occurrence of a specified tax event, in each case at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest.
The notes offering is being made pursuant to a preliminary prospectus supplement dated 1 September 2026, which supplements the registration statement declared effective by the US Securities and Exchange Commission on 29 September 2025. The Company intends to use the net proceeds from the sale of the notes for general corporate purposes, including potential future refinancing needs. BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as joint bookrunners for the offering.
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