Toronto—(PHStocks)—Manulife Financial Corp. (PSE: MFC) has completed its offering of 16 million Non-cumulative Rate Reset Class 1 Shares Series 21 at a price of $25 per share to raise gross proceeds of $400 million.
The offering was underwritten by a syndicate of investment dealers co-led by RBC Capital Markets, Scotia Capital Inc. and TD Securities Inc. The Series 21 Preferred Shares commence trading on the Toronto Stock Exchange today under the ticker symbol MFC.PR.O.
Manulife has granted the underwriters’ an option, exercisable in whole or in part, to purchase up to an additional 1 million Series 21 Preferred shares at the same offering price. The underwriters have 30 days from the closing of the preferred share offering to exercise the option.
The Series 21 Preferred Shares were issued under a prospectus supplement dated February 18, 2016 to Manulife’s short form base shelf prospectus dated 17 December 2015.