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Preferred Share Description
Manulife Financial Corporation (MFC.PR.J)
4.731% Non-cumulative, Redeemable, Rate-Reset Class 1, Series 11 Preferred Shares
Prospectus - November 27, 2012
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 Note: The Series 11 dividend rate has been reset to 4.731%, per share, per year, for the period beginning March 19, 2018 and ending March 19, 2023. This is an increase from the share's initial dividend rate of 4.00% for the period November 27, 2012 to March 18, 2018.
- DBRS Rating
- Pfd-2 Stable Trend
- DBRS Rating Date
- Shares Issued
- Issued Date
- Shares O/S
- O/S Date
- $1.18275 per share per year
- Dividend Dates
- On the 19th day of March, June, September and December
- Dividend Details
- The shares pay a fixed dividend rate of $1.18275 until March 19, 2023 when the dividend rate will be recalculated and fixed for another five years. The dividend is reset on March 19, 2023 and on March 19th every five years thereafter. The dividend rate will be set to a sum equal to the 5-year Government of Canada Yield (GCAN5YR) plus 2.61%
- The shares are not redeemable by the company prior to March 19, 2023. Redeemable by the company, at its option, on March 19, 2023 and on March 19th every five years thereafter at $25.00 per share.
- Series 11 shareholders have the right, at their option, to convert their shares into Non-cumulative Floating-Rate Class 1 Series 12 preferred shares on March 19, 2023 and every five years thereafter. The Floating-Rate preferred shares will calculate and pay a dividend each quarter equal to the sum of the 3-month Government of Canada T-Bill Rate plus 2.61%. Holders of the series 12 Floating-Rate preferred shares will have the right, at their option, to convert their shares back into the series 11 Rate-Reset preferred shares on March 19, 2023 and on March 19 every five years thereafter.
- Lead Underwriter(s)
- Scotia Capital, RBC Dominion Securities, TD Securities, BMO Nesbitt Burns
- Transfer Agent
- AST Trust Company
- AST Trust Company
- Dividend Reinvestment Plan
- Not available to preferred shareholders.
- Last Updated