Manulife Financial Corporation completed a US$1 billion (CAD$1,397,988,292) offering of 4.986% senior notes due December 11, 2035. The notes were priced at 100% of par value with an underwriting discount of 0.450%, generating net proceeds of US$995.5 million (CAD$1,391,693,612) before expenses.

The notes will pay interest semi-annually on June 11 and December 11 of each year, commencing June 11, 2026. MFC may redeem the notes at any time prior to the September 11, 2035 par call date at a price equal to the greater of 100% of principal or the present value of remaining payments discounted at Treasury Rate plus 15 basis points. On or after the par call date, redemption is available at 100% of principal plus accrued interest.

The transaction was led by joint book-running managers BofA Securities, Citigroup, J.P. Morgan, and Morgan Stanley, with twelve co-managers including DBS Bank, Goldman Sachs, SMBC Nikko, Standard Chartered Bank, UBS Investment Bank, and Wells Fargo Securities.

Torys LLP and Debevoise & Plimpton LLP served as legal advisors to Manulife for Canadian and U.S. law matters respectively. McCarthy Tétrault LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP advised the underwriters.