{"id":26046,"date":"2014-08-11T17:58:12","date_gmt":"2014-08-11T22:58:12","guid":{"rendered":"http:\/\/prefblog.com\/?p=26046"},"modified":"2014-08-11T17:58:12","modified_gmt":"2014-08-11T22:58:12","slug":"mfc-pr-e-to-be-redeemed","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=26046","title":{"rendered":"MFC.PR.E To Be Redeemed"},"content":{"rendered":"<p>Manulife Financial Corp. <a href=\"http:\/\/manulife.com\/public\/news\/detail\/0,,lang=en&#038;artId=147975&#038;navId=630002,00.html\">has announced<\/a>:<\/p>\n<blockquote><p> its intention to redeem all of its outstanding 14,000,000 Non-cumulative Rate Reset Class 1 Shares Series 1 (\u201cSeries 1 Preferred Shares\u201d) for cash on September 19, 2014. The Series 1 Preferred Shares are redeemable at Manulife\u2019s 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.<\/p>\n<p>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.<\/p><\/blockquote>\n<p>No surprise here &#8211; with an Issue Reset Spread of 323bp, this was rather expensive money for them. They have separately announced their intention to issue at +236.<\/p>\n<p>MFC.PR.E <a href=\"http:\/\/prefblog.com\/?p=6778\">commenced trading 2009-6-3<\/a> after being <a href=\"http:\/\/www.prefblog.com\/?p=6637\">announced 2009-5-25<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 (\u201cSeries 1 Preferred Shares\u201d) for cash on September 19, 2014. The Series 1 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-26046","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/26046","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26046"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/26046\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}