{"id":51882,"date":"2026-05-04T20:42:38","date_gmt":"2026-05-05T00:42:38","guid":{"rendered":"https:\/\/prefblog.com\/?p=51882"},"modified":"2026-05-04T20:43:50","modified_gmt":"2026-05-05T00:43:50","slug":"mfc-pr-f-mfc-pr-p-to-be-extended","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51882","title":{"rendered":"MFC.PR.F & MFC.PR.P To Be Extended"},"content":{"rendered":"

Manulife Financial Corporation has announced<\/a>:<\/p>\n

that it does not intend to exercise its right to redeem all or any of its currently outstanding 6,537,903 Non-cumulative Rate Reset Class 1 Shares Series 3 (the \u201cSeries 3 Preferred Shares\u201d) (TSX: MFC.PR.F) or 1,462,097 Non-cumulative Floating Rate Class 1 Shares Series 4 (the \u201cSeries 4 Preferred Shares\u201d) (TSX: MFC.PR.P) on June 19, 2026.<\/p>\n

As a result, subject to certain conditions described in the prospectus supplement dated March 7, 2011 relating to the issuance of the Series 3 Preferred Shares and Series 4 Preferred Shares (the \u201cProspectus\u201d), the holders of the Series 3 Preferred Shares have the right, at their option, to convert all or part of their Series 3 Preferred Shares on a one-for-one basis into Series 4 Preferred Shares on June 19, 2026. As well, subject to certain conditions, the holders of Series 4 Preferred Shares have the right to convert all or part of their Series 4 Preferred Shares on a one-for-one basis into Series 3 Preferred Shares on June 19, 2026. Holders who do not exercise their right to convert their Series 3 Preferred Shares into Series 4 Preferred Shares will retain their Series 3 Preferred Shares. Holders who do not exercise their right to convert their Series 4 Preferred Shares into Series 3 Preferred Shares will retain their Series 4 Preferred Shares.<\/p>\n

Beneficial owners of Series 3 Preferred Shares and Series 4 Preferred Shares who wish to exercise their right of conversion should instruct their broker or other nominee to exercise such right before 5:00 p.m. (Toronto time) on June 4, 2026.<\/p>\n

The foregoing conversions are subject to the conditions that: (i) if, after June 4, 2026, Manulife determines that there would be less than 1,000,000 Series 3 Preferred Shares outstanding on June 19, 2026, then all remaining Series 3 Preferred Shares will automatically be converted into an equal number of Series 4 Preferred Shares on June 19, 2026, and (ii) if, after June 4, 2026, Manulife determines that there would be less than 1,000,000 Series 4 Preferred Shares outstanding on June 19, 2026, then all remaining Series 4 Preferred Shares will automatically be converted into an equal number of Series 3 Preferred Shares. In either case, Manulife shall give written notice to that effect to any registered holders of Series 3 and Series 4 Preferred Shares on or before June 7, 2026.<\/p>\n

The dividend rate applicable to the Series 3 Preferred Shares for the 5-year period commencing on June 20, 2026, and ending on June 19, 2031, and the dividend rate applicable to the Series 4 Preferred Shares for the 3-month period commencing on June 20, 2026, and ending on September 19, 2026, will be determined and announced by way of a news release on May 21, 2026. Manulife will also give written notice of these dividend rates to the registered holders of Series 3 Preferred Shares and Series 4 Preferred Shares.<\/p>\n

Conversion inquiries should be directed to Manulife\u2019s Registrar and Transfer Agent, TSX Trust Company (Canada), at 1-800-783-9495.<\/p><\/blockquote>\n

MFC.PR.F was issued as a 4.20%+141 FixedReset that commenced trading 2011-3-11<\/a> after being announced 2011-3-7<\/a>. Notice of extension was published in 2016<\/a> and the rate reset to 2.178%<\/a>. I recommended that holders not convert to FloatingResets<\/a> but there was a 21% conversion anyway<\/a>. In 2021, the dividend rate on MFC.PR.F reset to 2.348%<\/a> and there was a 3% net conversion<\/a> to the FixedReset.<\/p>\n

MFC.PR.P is a FloatingReset, Bills+141bp, which arose via a partial conversion from MFC.PR.F<\/a> in 2016. <\/p>\n

Thanks to Assiduous Reader P_I<\/i> for bringing this to my attention<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

Manulife Financial Corporation has announced: that it does not intend to exercise its right to redeem all or any of its currently outstanding 6,537,903 Non-cumulative Rate Reset Class 1 Shares Series 3 (the \u201cSeries 3 …<\/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-51882","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51882","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=51882"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51882\/revisions"}],"predecessor-version":[{"id":51884,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51882\/revisions\/51884"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}