Press Release - MAY 10, 2018
A.M. Best Assigns Issue Credit Rating to Manulife Financial Corporation’s Subordinated Debentures Offering
FOR IMMEDIATE RELEASE
OLDWICK - MAY 10, 2018
The proceeds from the offering will be utilized to finance or refinance, in part or in full, new and/or existing Eligible Assets, as defined in Manulife’s Green Bond Framework. Manulife may redeem the debentures, in whole or part, on or after May 9, 2023, at a redemption price equal to par, together with accrued and unpaid interest. Thereafter, the coupon rate will be reset at a rate equal to the three-month CDOR plus 78 bps. Despite the new issuance, MFC’s financial leverage remains within the range that supports the company’s current Long-Term IRs.
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