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Manulife Financial Corp. 4.7% Rate Reset Preferred Share New Issue

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Manulife Financial Corporation(MFC) is issuing $200M of 4.7% 5 yr non-cumulative rate reset preferred shares. The 4.7% dividend will be paid quarterly for the first five year period (Initial Rate Period) ending Jun-19-2023. After the initial rate period the dividend will be reset to the then effective 5 yr Gov. of Canada bond yield plus 2.55%

On Mar-19-2022 and on Mar-19 every five years thereafter this issue can be converted to an equal number of non-cumulative floating rate reset preferred shares with a quarterly dividend reset rate. The floating quarterly dividend rate will be equal to the 90-day Canadian Treasury Bill Rate plus 2.55%.

Rating – DBRS Pfd-2.

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