{"id":33206,"date":"2016-06-10T22:41:38","date_gmt":"2016-06-11T03:41:38","guid":{"rendered":"http:\/\/prefblog.com\/?p=33206"},"modified":"2016-06-10T22:41:38","modified_gmt":"2016-06-11T03:41:38","slug":"mfc-pr-f-mfc-pr-p-21-conversion-to-floatingreset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=33206","title":{"rendered":"MFC.PR.F \/ MFC.PR.P: 21% Conversion to FloatingReset"},"content":{"rendered":"<p>Manulife Financial Corporation <a href=\"http:\/\/www.manulife.com\/public\/news\/detail\/0,,lang=en&#038;artId=148830&#038;navId=630002,00.html\">has announced<\/a>:<\/p>\n<blockquote><p>that 1,664,169 of its currently outstanding 8,000,000 Non-cumulative Rate Reset Class 1 Shares Series 3 (the \u201cSeries 3 Preferred Shares\u201d) have been elected for conversion on June 20, 2016, on a one-for-one basis, into Non-cumulative Floating Rate Class 1 Shares Series 4 of Manulife (the \u201cSeries 4 Preferred Shares&#8221;). As a result, on June 20, 2016, Manulife will have 6,335,831 Series 3 Preferred Shares and 1,664,169 Series 4 Preferred Shares issued and outstanding. The Series 3 Preferred Shares and the Series 4 Preferred Shares will be listed on the Toronto Stock Exchange under the symbols MFC.PR.F and MFC.PR.P, respectively.<\/p>\n<p>Subject to certain conditions described in the prospectus supplement dated March 7, 2011 relating to the issuance of the Series 3 Preferred Shares, Manulife may redeem the Series 3 Preferred Shares, in whole or in part, on June 19, 2021 and on June 19 every five years thereafter and may redeem the Series 4 Preferred Shares, in whole or in part, after June 20, 2016.\n<\/p><\/blockquote>\n<p>Assiduous Readers will remember that MFC.PR.F will <a href=\"http:\/\/prefblog.com\/?p=33091\">reset to 2.178%<\/a>, while the FloatingReset issue, MFC.PR.P, will pay 3-Month T-Bills + 141bp, reset quarterly. I <a href=\"http:\/\/prefblog.com\/?p=33149\">recommended against conversion<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Manulife Financial Corporation has announced: that 1,664,169 of its currently outstanding 8,000,000 Non-cumulative Rate Reset Class 1 Shares Series 3 (the \u201cSeries 3 Preferred Shares\u201d) have been elected for conversion on June 20, 2016, on &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-33206","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33206","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=33206"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33206\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}