Manulife Financial Corp. has completed its offering of 18 million preferred shares at a price of $25 per share for gross proceeds of $450 million, the company announced on Wednesday.
The previously announced offering of non-cumulative 5-year rate reset class A shares, Series 4, was underwritten by a syndicate of investment dealers led by RBC Capital Markets and CIBC World Markets. The underwriters exercised in full their option to purchase four million additional shares, beyond the original offering of 14 million.
The shares commenced trading on the Toronto Stock Exchange on Wednesday under the ticker symbol MFC.PR.D.
The preferred shares were issued under a prospectus supplement dated Feb. 25, 2009 to Manulife’s base shelf prospectus dated March 12, 2007.
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Manulife completes $450 million preferred share offering
- By: Megan Harman
- March 4, 2009 March 4, 2009
- 10:50
Megan Harman