Manulife Financial Corp. has priced a USD1 billion public offering of senior notes at 100 percent of face value, as the global insurer moves to reinforce its funding base and prepare for upcoming refinancing needs.
The notes carry a coupon of 4.986 percent and will mature in 2035. Proceeds will be used for general corporate purposes, including future refinancing requirements, the company said.
BofA Securities, Citigroup Global Markets, J.P. Morgan Securities, and Morgan Stanley are serving as joint book-running managers for the offering, which was registered with the USd. Securities and Exchange Commission through a prospectus supplement.
Manulife emphasized that the announcement does not constitute an offer to sell or a solicitation to buy in jurisdictions where such activity is prohibited. The securities will not be offered or sold in Canada or to Canadian residents.
The debt sale comes as the Toronto-headquartered financial services provider continues to optimize its capital structure across the global markets where it operates. Manulife is listed on multiple stock exchanges, including the Philippine Stock Exchange, and trades as “MFC” on the Toronto and New York exchanges and as “945” in Hong Kong.
As of the end of 2024, the company employed more than 37,000 people, worked with over 109,000 agents, and partnered with thousands of distributors worldwide, serving more than 36 million customers.
The new issuance strengthens Manulife’s liquidity position and gives the company greater flexibility in executing its long-term funding plans at a time when credit markets remain broadly supportive of high-quality issuers.
