Manulife Financial-S (00945.HK) announced today that it has priced the principal amount of SGD 500 million, with an interest rate of 4.275%, maturing on June 19, 2034, for its post-redemption notes (referred to as "notes") publicly issued in Singapore. This issue will be conducted in accordance with the prospectus issued on June 11, 2024, and the funds raised will be classified as Manulife's tier 2 capital. The fixed interest rate of these notes is 4.275% until June 19, 2029, and the subsequent interest rate will be SORA OIS plus 1.201 basis points. The notes will mature on June 19, 2034.
With prior approval from the Canadian financial institution supervision office, Manulife may redeem all (not part) of the notes at a redemption price equivalent to the face value plus accrued and unpaid interest up to (but excluding) the redemption date at face redemption on any interest payment date on or after June 19, 2029. These notes will constitute post-payment debt and will be treated equally and proportionately with all other post-payment debts issued by Manulife and outstanding (except for post-payment debts set forth in their own terms for further deferred payment).
The batch of notes has received the preliminary approval of the Singapore Exchange Securities Trading Limited ("SGX-ST") for listing and quotation on the official list of SGX-ST. SGX-ST does not assume any responsibility for the accuracy of any statement, opinion or report in this press release. The inclusion of the batch of notes in the SGX-ST official list and the quotation of the batch of notes on SGX-ST shall not be construed as an evaluation of Manulife, its subsidiaries or the benchmark indicators of the batch of notes.
DBS Bank Ltd. and Standard Chartered Bank (Singapore) Limited have been appointed as joint lead managers and book-runners for the offering. Australia and New Zealand Banking Group Limited and The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch have been appointed as joint managers for the offering.
The deadline for this offering is expected to be June 19, 2024.