Manulife prices $750M subordinated notes offering at 6.146%

Manulife Financial Corporation (TSX/NYSE: MFC) has priced a U.S. public offering of $750 million in aggregate principal amount of 6.146% subordinated notes due 2041, according to a company statement.

The notes are expected to be issued on September 11, 2026, at a public offering price of 100% and are anticipated to qualify as Tier 2 regulatory capital. The notes will carry a fixed annual interest rate of 6.146% from the issue date through September 11, 2036, after which the rate will reset to the CMT Rate plus a spread of 1.350% until maturity on September 11, 2041.

Manulife may redeem the notes in whole or in part, with prior written approval from Canada's Superintendent of Financial Institutions, on or after September 11, 2031, and before the reset date, at a make-whole redemption price. The company may also redeem the notes in whole on the reset date, within 90 days of a specified regulatory event, or following a specified tax event, at 100% of the principal amount plus accrued interest.

The company said it intends to use the net proceeds for general corporate purposes, which may include future refinancing requirements.

BofA Securities, Citigroup Global Markets, J.P. Morgan Securities, and Morgan Stanley & Co. are acting as joint book-running managers for the offering. The offering was made pursuant to a registration statement declared effective by the Securities and Exchange Commission on September 29, 2025. The notes will not be offered or sold in Canada or to Canadian residents.

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