Manulife Financial Corporation (MFC) announced on December 3, 2024, the issuance of $1 billion in 4.064% fixed/floating subordinated debentures, closing on December 6, 2024. The debentures mature on December 6, 2034, with interest transitioning from fixed semi-annual payments to a floating rate tied to Daily Compounded CORRA plus 1.25% starting December 2029. Net proceeds of approximately $996 million will be used for corporate purposes, including subsidiary investments and potential redemptions.

The issuance was managed by a syndicate of dealers acting as agents: RBC Dominion Securities, CIBC World Markets, Scotia Capital, BMO Nesbitt Burns, National Bank Financial, TD Securities, Manulife Wealth, Merrill Lynch Canada, UBS Securities Canada, BNP Paribas (Canada) Securities, Desjardins Securities, Laurentian Bank Securities, and Raymond James. Legal advisors were Torys LLP for MFC and McCarthy Tétrault LLP for the dealers.

This offering supports MFC’s capital strategy, enhancing flexibility for future initiatives.