Manulife Financial Corporation has priced a U.S. public offering of $750 million in 6.146% subordinated notes due 2041, with the notes expected to qualify as Tier 2 regulatory capital. The notes, priced at 100% of par, will be issued on September 11, 2026, and will bear interest at a fixed rate of 6.146% until September 11, 2036, after which the rate will reset to the CMT Rate plus a spread of 1.350%. Manulife may redeem the notes, subject to regulatory approval, on or after September 11, 2031, and in certain other circumstances. The company intends to use the net proceeds for general corporate purposes, including potential refinancing. BofA Securities, Citigroup, J.P. Morgan, and Morgan Stanley are acting as joint book-running managers for the offering.
Manulife Financial CorpManulife prices $750M subordinated notes offering for general corporate purposes and potential refinancing; impact on stock is neutral to slightly negative due to debt issuance.
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