Manulife Financial Corporation Announces Preferred Share issue
Manulife Financial Corporation (NYSE: MCF) today announced a Canadian public offering of Non-cumulative Rate Reset Class 1 Shares Series 3. Manulife will issue eight million Series 3 Preferred Shares priced at $25 per share to raise gross proceeds of $200 million.
The offering will be underwritten by a syndicate of investment dealers led by Scotia Capital Inc. and RBC Dominion Securities Inc. and is anticipated to qualify as Tier 1 capital for Manulife. The expected closing date for the offering is March 11, 2011. Manulife intends to file a prospectus supplement to its September 3, 2010 base shelf prospectus in respect of this issue.
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