By Andrea Heisinger
New York, Sept. 15 - Manulife Financial Corp. gave terms for its $1.1 billion sale of senior unsecured notes (/A/A-) that priced in two tranches late on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The offering had been announced on Monday and went overnight.
The $600 million tranche of 3.4% five-year notes priced at 99.854 to yield 3.432% with a spread of Treasuries plus 200 basis points. The tranche has a make-whole call at Treasuries plus 30 bps.
A $500 million tranche of 4.9% 10-year notes priced at 99.844 to yield 4.92% with a spread of Treasuries plus 225 bps. They are callable at a make-whole redemption of 35 bps over Treasuries.
Citigroup Global Markets and Morgan Stanley & Co. Inc. were the active bookrunners. Passive bookrunners were Bank of America Merrill Lynch and Goldman Sachs & Co.
Co-managers were BNP Paribas Securities, HSBC Securities USA Inc. and RBS Securities.
Proceeds will be used for general corporate purposes, including investments in subsidiaries.
The financial services company is based in Toronto.
| Issuer: | Manulife Financial Corp.
|
| Issue: | Senior unsecured notes
|
| Amount: | $1.1 billion
|
| Bookrunners: | Citigroup Global Markets, Morgan Stanley & Co. Inc. (active), Bank of America Merrill Lynch, Goldman Sachs & Co. (passive)
|
| Co-managers: | BNP Paribas Securities, HSBC Securities USA Inc., RBS Securities
|
| Trade date: | Sept. 14
|
| Settlement date: | Sept. 17
|
| Ratings: | Standard & Poor's: A
|
| Fitch: A-
|
|
|
| Five-year notes
|
| Amount: | $600 million
|
| Maturity: | Sept. 17, 2015
|
| Coupon: | 3.4%
|
| Price: | 99.854
|
| Yield: | 3.432%
|
| Spread: | Treasuries plus 200 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | Sept. 17, 2020
|
| Coupon: | 4.9%
|
| Price: | 99.844
|
| Yield: | 4.92%
|
| Spread: | Treasuries plus 225 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
