The Manufacturers Life Insurance Company (the Canadian insurance company subsidiary of Manulife Financial Corporation) made a public offering of $800 million principal amount redeemable subordinated debentures on February 16, 2001. This was Manulife’s first participation in the public capital markets since its initial public offering in the fall of 1999. The debentures were offered under a unique joint shelf prospectus permitting the issue of securities by either Manufacturers Life or Manulife Financial Corporation. The shelf, which was filed September 1, 2000, provides for the issue of up to $2.5 billion of debt or preferred shares of the two companies.
The Torys team acting for Manulife included Brian Davis, Blair Keefe, Melissa LaFlair and Samantha Sheen. Patricia Olasker, Patrick Moyer and Brian Calalang of Davies Ward Phillips & Vineberg LLP acted for the underwriters, a group led by Scotia Capital Inc.