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:
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.