OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb+” to the recently issued CAD 600 million Fixed/Floating 3.317% Subordinated Debentures due May 9, 2028, of Manulife Financial Corporation (MFC) (Toronto, Canada). The outlook assigned to the Credit Rating (rating) is stable.
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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