PrefBlog

Manulife Financial Corporation has announced (but not on their website, because who cares?):

its intention to redeem all of its outstanding 19,000,000 Non-cumulative Rate Reset Class 1 Shares Series 23 (“Series 23 Preferred Shares”) for cash on March 19, 2022. The Series 23 Preferred Shares (TSX: MFC.PR.R) are redeemable at Manulife’s option on March 19, 2022, at a redemption price per Series 23 Preferred Share equal to C$25.00 for an aggregate total of C$475 million. Formal notice will be delivered to holders of Series 23 Preferred Shares in accordance with the terms outlined in the share provisions for the Series 23 Preferred Shares.

Separately from the redemption price, the final quarterly dividend of C$0.303125 per Series 23 Preferred Share will be paid in the usual manner on March 19, 2022 to shareholders of record on February 23, 2022 or such other record date determined by the board. After the Series 23 Preferred Shares are redeemed, holders of Series 23 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.R is a FixedReset, 4.85%+383, that commenced trading 2016-11-22 after being announced 2016-11-14. The issue has been tracked by HIMIPref™ and is included in the FixedReset (Premium) subindex.

Thanks to Assiduous Reader CanSiamCyp for bringing this to my attention!

This entry was posted on Tuesday, January 25th, 2022 at 11:01 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.