12:55 PM EDT, 06/11/2024 (MT Newswires) -- Manulife Financial ( MFC ) on Tuesday said it priced in Singapore its S$500 million ($508.3 million) offering of 4.275% subordinated notes due June 19, 2034.

The notes will bear interest at a fixed rate of 4.275% until June 19, 2029, and thereafter at a rate of 1.201% over the then-prevailing five-year SORA OIS rate. The notes mature on June 19, 2034.

Manulife may redeem the notes in whole on June 19, 2029, and on any interest payment date thereafter at a redemption price equal to par, together with accrued and unpaid interest to, but excluding, the date fixed for redemption.

The offering is expected to close on June 19.

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