MFC.PR.F Closes Near Par on Acceptable Volume

Manulife Financial has announced:

that it has completed its offering of 8 million Non-cumulative Rate Reset Class 1 Shares Series 3 (the “Series 3 Preferred Shares”) at a price of $25 per share to raise gross proceeds of $200 million.

The offering was underwritten by a syndicate of investment dealers led by Scotia Capital Inc. and RBC Dominion Securities Inc. The Series 3 Preferred Shares commence trading on the Toronto Stock Exchange today under the ticker symbol MFC.PR.F.

The Series 3 Preferred Shares were issued under a prospectus supplement dated March 7, 2011 to Manulife’s short form base shelf prospectus dated September 3, 2010.

The 4.20%+141 FixedReset was announced March 7.

The issue traded 203,885 shares in a range of 24.80-97 before closing at 24.93-97, 15×3.

Vital statistics are:

MFC.PR.F FixedReset YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.93
Bid-YTW : 4.14 %

This issue will be tracked by HIMIPref™ has been added to the FixedResets index. A hardMaturity at par dated 2022-1-31 has been added to the call schedule indicated by the prospectus to reflect an anticipated call due to the issues lack of a NVCC clause and OSFI’s refusal to grandfather such issues.

5 Responses to “MFC.PR.F Closes Near Par on Acceptable Volume”

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  2. […] Recent new issue. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.88 Bid-YTW : 4.17 % […]

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