PrefBlog

Manulife Financial Corporation has announced:

its intention to redeem all of its outstanding 8,000,000 Non-cumulative Rate Reset Class 1 Shares Series 5 (“Series 5 Preferred Shares”) for cash on December 19, 2021. The Series 5 Preferred Shares (TSX: MFC.PR.G) are redeemable at Manulife’s option on December 19, 2021, at a redemption price per Series 5 Preferred Share equal to C$25.00 for an aggregate total of C$200 million. Formal notice will be delivered to holders of Series 5 Preferred Shares in accordance with the terms outlined in the share provisions for the Series 5 Preferred Shares.

Separately from the redemption price, the final quarterly dividend of C$0.243188 per Series 5 Preferred Share will be paid in the usual manner on or after December 19, 2021 to shareholders of record on December 1, 2021. After the Series 5 Preferred Shares are redeemed, holders of Series 5 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.

MFC.PR.G was issued as a 4.40%+290 FixedReset that commenced trading 2011-12-6 after being announced 2011-11-29. It was reported on PrefBlog in 2016 that MFC.PR.G would be extended; that the reset rate was 3.891% and that I recommended holders not convert; there was no conversion in 2016.

This entry was posted on Friday, November 5th, 2021 at 9:09 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.