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Preferred Share Description
Manulife Financial Corporation (MFC.PR.O)
5.60% Non-cumulative, Redeemable, Rate-Reset Class 1, Series 21 Preferred Shares
Prospectus- February 18, 2016
Marketing Summary - February 16, 2016
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.
- DBRS Rating
- Pfd-2 Stable Trend
- DBRS Rating Date
- Shares Issued
- Issued Date
- Shares O/S
- O/S Date
- $1.40 per share per year
- Dividend Dates
- Payable on the 19th day of March, June, September and December
- Dividend Details
- The dividend rate is fixed until June 19, 2021. On June 19, 2021 and on June 19th every fifth year thereafter the dividend rate will be reset to an annual rate that equals the sum of the 5-year Government of Canada Bond Yield (GCAN5YR) plus 4.97%.
- The shares are not redeemable by the company prior to June 19, 2021. On June 19, 2021 and on June 19th every fifth year thereafter, the company may, at its option redeem all or any part of the Series 21 Preferred Shares by payment of $25.00 per share.
- The Series 21 (Rate-Reset) shareholders have the right, at their option, to convert their shares into Non-cumulative Floating-Rate Class 1 Series 22 preferred shares on June 19, 2021 and on June 19th every five years thereafter. The Floating-Rate preferred shares will calculate and pay a dividend each quarter equal to the sum of the 90-day Government of Canada T-Bill Rate plus 4.97%. In addition, on June 19, 2026 and on June 19th every five years thereafter holders of the Floating-Rate Series 22 shares have the option to convert back into an equal number of the Rate-Reset Series 21 shares.
- Lead Underwriter(s)
- RBC Capital Markets, Scotia Capital Inc. and TD Securities Inc.
- Transfer Agent
- CST Trust Company
- CST Trust Company
- Dividend Reinvestment Plan
- Not available to preferred shareholders
- Last Updated