On November 20, 2015, The Manufacturers Life Insurance Company (MLI) issued $1 billion aggregate principal amount of subordinated debentures.
The 3.181 per cent fixed/floating subordinated debentures, due November 22, 2027, are guaranteed by Manulife Financial Corporation on a subordinated basis, were offered through a syndicate of dealers co-led by RBC Capital Markets, BMO Capital Markets and Scotiabank Global Banking and Markets and which included CIBC World Markets, TD Securities, Bank of America Merrill Lynch, National Bank Financial, HSBC Securities, Desjardins Securities, Canaccord Capital, Laurentian Bank Securities and Manulife Securities Incorporated.
The debentures were issued under a prospectus supplement dated November 17, 2015, to MLI’s short form base shelf prospectus dated December 13, 2013, as amended on May 13, 2015.
MLI was represented by an in-house team led by Stephen Sigurdson, Executive Vice-President and General Counsel, and Cameron MacDonald, Assistant Vice President, Corporate and Divisional Law. Torys LLP provided external support with a team led by David Seville and which included Jonathan Cescon, Rob Shaw and Justin Crawford (corporate/securities), Blair Keefe (insurance regulatory) and Catrina Card (tax).
The dealers were represented by McCarthy Tétrault LLP with a team led by Barry Ryan and which included Andrew Parker, Matthew Appleby and David Badour (business law) and Gabrielle Richards and Douglas Cannon (tax).