The Manufacturers Life Insurance Issues $550M Of Subordinated Debt

The Manufacturers Life Insurance Company issued $550 million of 4.21 per cent fixed/floating subordinated debentures due November 18, 2021, which are guaranteed on a subordinated basis by Manulife Financial Corporation. The debentures were offered through a syndicate of dealers which was co-led by RBC Capital Markets and TD Securities Inc. and included BMO Capital Markets, CIBC World Markets Inc., Scotia Capital Inc., National Bank Financial Inc., Merrill Lynch Canada Inc., HSBC Securities (Canada) Inc., Desjardins Securities Inc., Manulife Securities Incorporated, Canaccord Genuity Corp. and Laurentian Bank Securities Inc.

The Manufacturers Life Insurance Company was represented in-house by Stephen Sigurdson, Senior Vice President and General Counsel Canada and David Kerr, Assistant Vice President, Senior Counsel and Assistant Corporate Secretary, and by Torys LLP with a team consisting of David Seville, Thomas Yeo, Raegan Kennedy, Christian Thatcher and Thomas Miller (securities); Tom Zverina and Simon Williams (lending); Blair Keefe (insurance regulatory) and Jim Welkoff and Richard Johnson (tax).

The dealers were represented by McCarthy Tétrault LLP with a team consisting of Barry Ryan, Andrew Parker and Matthew Appleby (business law) and Jerald Wortsman and Gabrielle Richards (tax).