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Preferred Share Description
Manulife Financial Corporation (MFC.PR.P)
Floating Rate, Non-Cumulative, Redeemable, Class 1 preferred shares, Series 4
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.
Note: The Series 4 preferred shares were issued as a result of investors converting their Rate-Reset Series 3 (MFC.PR.F) shares into the Series 4 Floating Rate shares.
The initial dividend rate for the three-month period commencing on June 20, 2016, and ending on September 19, 2016, will be 0.49125% (1.94900% on an annualized basis) or $0.122814 per share, being equal to the sum of the three-month Government of Canada Treasury bill yield as at May 24, 2016, plus 1.41%, as determined in accordance with the terms of the Series 4 Preferred Shares.
- DBRS Rating
- Pfd-2 Stable Trend
- DBRS Rating Date
- Shares Issued
- Issued Date
- Shares O/S
- O/S Date
- Floating Rate Calculated Quarterly
- Dividend Dates
- On the 19th of March, June, September and December
- Dividend Details
- The shares will calculate and pay dividends quarterly and the annualized dividend rate will equal the Government of Canada 3-month T-Bill Rate plus 1.41%.
- Redeemable at the issuer's option on June 19, 2021 and on June 19 every five years thereafter at $25.00 per share.
- Holders of Series 4 Preferred Shares will have the right, at their option, on June 19, 2021 and on June 19 every five years thereafter, all or any of their Series 4 Preferred Shares into Rate-Reset Series 3 Preferred Shares on the basis of one Series 3 Preferred Share for each Series 4. On June 19, 2026 and on June 19th every 5 years thereafter, holders of the Rate-Reset Series 3 shares will have the right to convert their shares into an equal number of Floating Rate Series 4 preferred shares.
- 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