Manulife completes preferred share offering

Manulife Financial Corporation today announced that it has completed its offering of 8 million Non-cumulative Rate Reset Class 1 Shares Series 13 at a price of $25 per share to raise gross proceeds of $200 million.

Read: Manulife converts strategic income fund

The offering was underwritten by a syndicate of investment dealers co-led by Scotia Capital Inc. and RBC Capital Markets. The Series 13 Preferred Shares commence trading on the Toronto Stock Exchange today under the ticker symbol MFC.PR.K.

The Series 13 Preferred Shares were issued under a prospectus supplement dated June 17, 2013 to Manulife’s short form base shelf prospectus dated July 18, 2012.

The Series 13 Preferred Shares have not been and will not be registered in the United States under the United States Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state of the United States and may not be offered, sold or delivered, directly or indirectly in the United States or to, or for the account or benefit of, a “U.S. person” (as defined in Regulation S under the Securities Act) absent registration or an applicable exemption from such registration requirements.

Read: Manulife insurance sales decline

This press release does not constitute an offer to sell or a solicitation to buy securities in the United States and any public offering of the securities in the United States must be made by means of a prospectus.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.