On May 20, 2025, Manulife Financial Corporation has launched an offering of $500 million aggregate principal amount of 3.983% fixed/floating subordinated debentures, with closing expected on or about May 23, 2025. The debentures will mature on May 23, 2035. Interest will be paid semi-annually at a fixed rate of 3.983% until May 23, 2030, after which it will reset quarterly to the Daily Compounded CORRA plus 1.32%. The securities will be issued at par, with estimated net proceeds of approximately $497.8 million, which Manulife intends to use for general corporate purposes, including investment in subsidiaries and potential future redemptions of existing securities.

The debentures are unsecured and subordinated under the Insurance Companies Act (Canada), ranking below senior obligations and policy liabilities. They are redeemable at par at Manulife’s option, subject to regulatory approval, on or after May 23, 2030. The instruments received provisional credit ratings of “A” (Stable) by DBRS Morningstar and “A-” by S&P Global Ratings, reflecting strong credit quality.

Torys LLP is legal counsel to Manulife, and McCarthy Tétrault LLP is advising the dealers. The syndicate of dealers includes RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., Manulife Wealth Inc., Merrill Lynch Canada Inc., UBS Securities Canada Inc., BNP Paribas (Canada) Securities Inc., Desjardins Securities Inc., Laurentian Bank Securities Inc., and Raymond James Ltd.