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Preferred Share Description
Manulife Financial Corporation (MFC.PR.F)
4.20% Non-Cumulative, Redeemable, Rate Reset, Class 1 preferred shares, Series 3
Prospectus - March 7, 2011
DBRS Credit Update: October 23, 2018 - DBRS confirmed the Issuer Rating and Medium-Term Notes rating of Manulife Financial Corporation at “A,” its Unsecured Subordinated Debentures at A (low) and its Non-Cumulative Preferred Shares rating at Pfd-2. DBRS also confirmed the Issuer Rating and Financial Strength Rating (FSR) of The Manufacturers Life Insurance Company (MLI) at AA (low), as well as its Unsecured Subordinated Debentures rating at A (high) and its Non-Cumulative Preferred Shares rating at Pfd-1 (low). Concurrently, DBRS confirmed the Fixed/Floating Subordinated Debentures of Manulife Finance (Delaware), L.P. at A (low), and the Manulife Financial Capital Trust Notes II - Series 1 rating of Manulife Financial Capital Trust II at “A.” All trends are Stable.
Dividend Rate Reset - May 24, 2016 The dividend rate for the five-year period commencing on June 20, 2016, and ending on June 19, 2021, will be 2.17800% per annum or $0.5445 per share per year, being equal to the sum of the five-year Government of Canada bond yield as at May 24, 2016, plus 1.41%, as determined in accordance with the terms of the Series 3 Preferred Shares.
Note: The initial dividend rate for the shares was 4.20% or $1.05 per share per year.
- DBRS Rating
- Pfd-2 Stable Trend
- DBRS Rating Date
- Shares Issued
- Issued Date
- Shares O/S
- O/S Date
- $0.5445 per share per year
- Dividend Dates
- On the 19th of March, June, September, December
- Dividend Details
- The dividend will be reset on June 19, 2021 and on June 19 every five years thereafter at a rate equal to the Government of Canada Yield (GCAN5YR) plus 1.41%.
- Redeemable at the issuer's option on June 19, 2016 and on June 19 every five years thereafter at $25.00 per share.
- Convertible at the shareholder's option into Series 4 Floating-Rate preference shares on June 19, 2016 and on June 19th every five years thereafter. The Series 4 Floating-Rate preferred shares will calculate and pay a dividend, quarterly, equal to the sum of the Government of Canada three-month T-Bill Rate plus 1.41%. In addition, holders of the Series 4 Floating-Rate preferred shares will have the right to convert their shares into an equal number of Series 3 shares on June 19, 2021 and on June 19th every five years thereafter. In addition, holders of the Series 4 Floating-Rate preferred shares have the right to convert back into the Series 3 shares on June 19, 2021 and on June 19th every five years thereafter.
- Lead Underwriter(s)
- Scotia Capital Inc. and RBC Dominion Securities Inc.
- Transfer Agent
- CST Trust Company
- CST Trust Company
- Dividend Reinvestment Plan
- Not available to preferred shareholders.
- Last Updated