The Manufacturers Life Insurance Company Issues $500M of Subordinated Debentures

The Manufacturers Life Insurance Company issued $500-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, BMO Capital Markets, and TD Securities and included CIBC, Scotiabank, Merrill Lynch Canada, National Bank Financial, HSBC Securities (Canada) Inc., Laurentian Bank Securities, Canaccord Genuity Corp., Desjardins Securities and Manulife Securities.

The 2.811 per cent fixed/floating subordinated debentures due Feb. 21, 2024, which are guaranteed by Manulife Financial Corporation on a subordinated basis, were issued under a prospectus supplement dated Feb. 18, 2014, to The Manufacturers Life Insurance Company's short form base shelf prospectus dated Dec. 13, 2013. The offering was announced on Feb. 18, 2014, and closed on Feb. 21, 2014.

The Manufacturers Life Insurance Company was represented in-house by Stephen Sigurdson, Executive Vice President, General Counsel Canada and Corporate Secretary; and Cameron MacDonald, Counsel, Corporate Law and Retail Markets; and by Torys LLP with a team including David Seville, Jonathan Cescon and Matthew Kuchinsky (securities); Blair Keefe (insurance regulatory), and Jerald Wortsman and Richard Johnson (tax).

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