The Manufacturers Life Insurance Company Issues $250M of Debentures

The Manufacturers Life Insurance Company issued $250-million aggregate principal amount of subordinated debentures.

The debentures were offered on a best efforts basis through a syndicate of dealers co-led by RBC Capital Markets, and BMO Capital Markets and included CIBC World Markets, Scotiabank, TD Securities, Merrill Lynch Canada, National Bank Financial, HSBC Securities (Canada) Inc., Desjardins Securities, Laurentian Bank Securities, Canaccord Genuity Corp., and Manulife Securities.

The 2.926 per cent fixed/floating subordinated debentures due November 29, 2023, which are guaranteed by Manulife Financial Corporation on a subordinated basis, were issued under a prospectus supplement dated November 26, 2013, to The Manufacturers Life Insurance Company's short form base shelf prospectus dated November 11, 2011.

The offering was announced on November 26, 2013, and closed on November 29, 2013.

The Manufacturers Life Insurance Company was represented in-house by Stephen Sigurdson, senior vice president and general counsel Canada, and Cameron MacDonald, counsel, corporate law and retail markets.

External counsel to Manufacturers Life Insurance Company was provided by Torys LLP with a team that included David Seville, Jonathan Cescon, Anthony Tam and Rob Shaw (securities); Blair Keefe (insurance regulatory) and Richard Johnson and Leila Ross (tax).

The dealers were represented by McCarthy Tétrault LLP with a team that included Barry Ryan, Andrew Parker, Matthew Appleby and David Badour (business law) and Gabrielle Richards (tax).