US EditionManulife Announces Subordinated Debenture Issue
- On May 20, 2025, in Toronto, Manulife Financial Corporation announced its intention to offer $500 million in subordinated debentures maturing on May 23, 2035.
- The issuance follows the company's ongoing financing strategy, with proceeds intended for general corporate purposes including subsidiary investments and possible security redemptions.
- The debentures will carry a fixed interest rate of 3.983% until May 23, 2030, after which they will pay a floating rate equal to the Daily Compounded CORRA plus 1.32%, with redemption options available subject to regulatory approval.
- Manulife, headquartered in Toronto and operating globally as MFC, serves over 36 million customers with more than 37,000 employees and 109,000 agents as of the end of 2024.
- The offering, expected to close on May 23, 2025, excludes the US market as the debentures are not registered under US securities laws and may not be sold to US persons.
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