04:39 AM EST, 12/04/2024 (MT Newswires) -- Manulife Financial ( MFC ) said late Tuesday it plans to issue a 1 billion Canadian dollars ($710.4 million) in principal amount of 4.064% fixed/floating subordinated debentures due 2034.

The debentures carry a fixed interest rate of 4.064% until Dec. 6, 2029, switching to 1.25% over Daily Compounded CORRA after that.

The offering, expected to close on Dec. 6, is co-led by RBC Capital Markets, CIBC Capital Markets, and Scotiabank.

Proceeds from the offering will support general corporate purposes, including subsidiary investments and potential securities redemptions.