Manulife Financial Corp. has announced:
its intention to redeem all of its outstanding 14,000,000 Non-cumulative Rate Reset Class 1 Shares Series 1 (“Series 1 Preferred Shares”) for cash on September 19, 2014. The Series 1 Preferred Shares are redeemable at Manulife’s option on September 19, 2014, at a redemption price per Series 1 Preferred Share equal to C$25.00 for an aggregate total of C$350 million. Formal notice will be delivered to holders of Series 1 Preferred Shares in accordance with the terms outlined in the share provisions for the Series 1 Preferred Shares.
Separately from the redemption price, the final quarterly dividend of C$0.35 per Series 1 Preferred Share will be paid in the usual manner on September 19, 2014 to shareholders of record on August 19, 2014. After the Series 1 Preferred Shares are redeemed, holders of Series 1 Preferred Shares will cease to be entitled to distributions of dividends and will not be entitled to exercise any rights as holders other than to receive the redemption price.
No surprise here – with an Issue Reset Spread of 323bp, this was rather expensive money for them. They have separately announced their intention to issue at +236.
MFC.PR.E commenced trading 2009-6-3 after being announced 2009-5-25.
This entry was posted on Monday, August 11th, 2014 at 5:58 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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MFC.PR.E To Be Redeemed
Manulife Financial Corp. has announced:
No surprise here – with an Issue Reset Spread of 323bp, this was rather expensive money for them. They have separately announced their intention to issue at +236.
MFC.PR.E commenced trading 2009-6-3 after being announced 2009-5-25.
This entry was posted on Monday, August 11th, 2014 at 5:58 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.