Manulife issues $500M of subordinated debentures

The Manufacturers Life Insurance Company (MLI) issued $500 million aggregate principal amount of subordinated debentures.

The 2.64 per cent fixed/floating subordinated debentures, which are due January 15, 2025, and 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 TD Securities and which included CIBC World Markets Inc., Scotia Capital Inc., Merrill Lynch Canada Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc., Desjardins Securities Inc., Canaccord Genuity Corp., Laurentian Bank Securities Inc. and Manulife Securities Incorporated.

The debentures were issued under a prospectus supplement dated November 26, 2014, to MLI’s short form base shelf prospectus dated December 13, 2013.

MLI was represented by an in-house team led by Stephen Sigurdson, Executive Vice-President and General Counsel, and which included 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 (corporate/securities), Blair Keefe (insurance regulatory), Jerald Wortsman 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).