Manulife issues $350M of subordinated debentures

The Manufacturers Life Insurance Company (MLI) issued $350 million aggregate principal amount of subordinated debentures.

The 2.389 per cent fixed/floating subordinated debentures, which are due January 5, 2026, and 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 TD Securities and which included CIBC World Markets, Scotiabank Global Banking and Markets, 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, which was dated May 27, 2015, to MLI’s existing short form base shelf prospectus.

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 and Anthony Tam (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).