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Manulife Financial Corp | Non-cumulative Rate Reset Class 1 Shares Series 1 (MFC.PRE.CA)
Prospectus excerpt: This offering (the “Offering”) of Non-cumulative Rate Reset Class 1 Shares Series 1 (the “Series 1 Preferred Shares”) of Manulife Financial Corporation (“MFC”) under this prospectus supplement (the “Prospectus Supplement”) consists of 14,000,000 Series 1 Preferred Shares. The holders of Series 1 Preferred Shares will be entitled to receive fixed non-cumulative preferential cash dividends, as and when declared by the board of directors of MFC (the “Board of Directors”), for the initial period commencing on the Closing Date (as defined herein) and ending on and including September 19, 2014 (the “Initial Fixed Rate Period”), payable quarterly on the 19th day of March, June, September and December in each year (each three-month period ending on the 19th day of each such month, a “Quarter”), at an annual rate equal to $1.40 per share. The initial dividend, if declared, will be payable September 19, 2009 and will be $0.41425 per share, based on the anticipated closing date of June 3, 2009 (the “Closing Date”). See “Details of the Offering”. For each five-year period after the Initial Fixed Rate Period (each a “Subsequent Fixed Rate Period”), the holders of Series 1 Preferred Shares will be entitled to receive fixed non-cumulative preferential cash dividends, as and when declared by the Board of Directors, payable quarterly on the 19th day of March, June, September and December in each year, in the amount per share determined by multiplying the Annual Fixed Dividend Rate (as defined herein) applicable to such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend Rate for the ensuing Subsequent Fixed Rate Period will be determined by MFC on the 30th day prior to the first day of such Subsequent Fixed Rate Period and will be equal to the sum of the Government of Canada Yield (as defined herein) on the date on which the Annual Fixed Dividend Rate is determined plus 3.23%. See “Details of the Offering”. Full Prospectus PDF », MFC.CA Page »
Series: | Class 1 Series 1 | Alternate symbology: | MFC-E.CA, MFC-PE.CA, MFCprE.CA | Redeemable?: | Yes | Call Date: | 9/19/2014 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | No | Conversion Ratio: | The holders of Series 1 Preferred Shares will have the right, at their option, to convert their shares into Non-cumulative Floating Rate Class 1 Shares Series 2 (the “Series 2 Preferred Shares”) of MFC, subject to certain conditions, on September 19, 2014 and on September 19 every five years thereafter. The holders of Series 2 Preferred Shares will be entitled to receive floating rate non-cumulative preferential cash dividends, as and when declared by the Board of Directors, payable quarterly on the 19th day of March, June, September and December in each year (the initial quarterly dividend period and each subsequent quarterly dividend period is referred to as a “Quarterly Floating Rate Period”), in the amount per share determined by multiplying the applicable Floating Quarterly Dividend Rate (as defined herein) by $25.00. The Floating Quarterly Dividend Rate will be equal to the sum of the T-Bill Rate (as defined herein) plus 3.23% (calculated on the basis of the actual number of days elapsed in the applicable Quarterly Floating Rate Period divided by 365) determined on the 30th day prior to the first day of the applicable Quarterly Floating Rate Period. See “Details of the Offering”. | Shares Offered: | 14000000 | Liquidation Preference: | $25 | Original Coupon: | 5.60% | Pay Period: | Quarterly | Pay Dates: | 19-Mar, 19-Jun, 19-Sep, 19-Dec | CDx3 Compliance Rating: |
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Manulife Financial is a holding company. Through its subsidiaries, Co. is a life insurance company. Co.'s four operating segments are: Asia, which includes a range of health, protection, savings, medical, term and whole life products; Canada, which provides life, health, disability and specialty products, such as mortgage creditor and travel insurance; U.S., which provides a range of life insurance products, insurance-based wealth accumulation products, and has an in-force long-term care insurance business and an in-force annuity business; and Global Wealth and Asset Management, which provides investment advice and solutions to retirement, retail and institutional clients. Preferreds: MFC.PRA.CA, MFC.PRB.CA, MFC.PRC.CA, MFC.PRD.CA, MFC.PRE.CA, MFC.PRF.CA, MFC.PRG.CA, MFC.PRH.CA, MFC.PRI.CA, MFC.PRJ.CA, MFC.PRK.CA Open the MFC.CA Information Page »
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