Manulife Financial Corporation has announced:
that it has completed its offering of 8 million Non-cumulative Rate Reset Class 1 Shares Series 11 (the “Series 11 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 co-led by Scotiabank, RBC Capital Markets and TD Securities Inc. The Series 11 Preferred Shares commence trading on the Toronto Stock Exchange today under the ticker symbol MFC.PR .J.
The Series 11 Preferred Shares were issued under a prospectus supplement dated November 27, 2012 to Manulife’s short form base shelf prospectus dated July 18, 2012.
MFC.PR.J is a FixedReset, 4.00%+261, announced November 27. It will be tracked by HIMIPref™ and is assigned to the FixedReset sub-index.
As this issue is issued by an Insurance Holding Company and has no NVCC Clause – not surprising, given OSFI’s continued foot-dragging regarding clarification of this issue – I have followed my usual practice and have inserted a “DeemedMaturity” entry into the call schedule; analytics will be performed as if the issue was set to mature 2022-1-31 at par. This entry may have its date changed, or even disappear completely, as the mystery unfolds.
MFC.PR.J traded 375,718 shares today in a range of 24.87-07 before closing at 25.01-05, 20×70. Vital statistics are:
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.01
Bid-YTW : 3.96 %