According to the Zhitong Finance App, Manulife Finance-S (00945) announced that the total principal amount of the company publicly issued in the US was set at a post-payment note (note) with a total principal amount of US$750 million and an interest rate of 6.146% and due in 2041. The public offering price was set at 100.000%. The funds from this issue of notes are expected to be listed as the Company's secondary capital.
The notes are expected to be issued on September 11, 2026. From the date of issue (including that date) to September 11, 2036 (not including that date) (reset date), the notes will accrue interest at a fixed annual interest rate of 6.146%; from the date of reset (including that date) to September 11, 2041 (not including that date), the annual interest rate of the notes will be equal to the CMT interest rate determined on the third business day before the reset date, plus an interest spread of 1.350%. Subject to prior written approval from the Canadian Financial Institutions Supervisory Service (CFO), the Company may choose to redeem all notes or part of the notes from time to time on or after September 11, 2031 but before the reset date. The redemption price is determined in accordance with the applicable compensatory redemption price as described in the supplementary documents of the sale regulations. Subject to prior written approval from the Supervisory Office, the Company may also redeem all (but not only part) of the notes under any of the following circumstances: (i) on the date of re-establishment; (ii) at any time within 90 days after the specified supervisory event occurred; or (iii) at any time after the specified tax event occurred. In all cases, the redemption price is equal to 100% of the principal amount of the note to be redeemed, plus accrued unpaid interest up to the date of redemption (not including that date).