OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb+” (Good) to the CAD 1.2 billion, 4.10% subordinated notes (Limited Recourse Capital Notes Series 2), due March 19, 2082, recently announced by Manulife Financial Corporation (MFC) (Toronto, Canada) [NYSE: MFC]. The outlook assigned to the Credit Rating (rating) is stable.
The capital notes are being issued simultaneously with CAD 1.2 billion non-cumulative fixed rate Class 1 shares, Series 28 (Series 28 shares), which will be held by Computershare Trust Company of Canada, as trustee of Manulife LRCN Limited Recourse Trust. In the event that MFC does not pay interest on or principal of the notes when due, the recourse to each noteholder will be limited to their proportionate share of the Series 28 shares, except in limited circumstances. Interest on the notes at 4.10% will become due and will be paid in equal semiannual installments in arrears on March 19 and Sept. 19 of each year, with the first payment on March 19, 2022. Starting on March 19, 2027, and on every fifth anniversary thereafter until March 19, 2077, the interest rate on the notes will be reset.
The notes will be treated as Tier 1 capital. The proceeds will be used for general corporate purposes, including investment in subsidiaries and potential future redemptions of existing securities. AM Best expects that with the issuance of the Limited Recourse capital notes, MFC’s financial leverage and interest...
[OSEN=Seon Mi-kyung Reporter] Rapper Yang Hong-won, who has sparked controversy over infidelity allegations just five days after his marriage, is drawing attention for reportedly singing his wife W...