Manulife Financial Corp said Tuesday it intends to redeem all of its outstanding $600 million principal amount of 7.768% medium term notes that are due April 8, 2019.
The redemption price for the notes will be determined in accordance with the provisions of the company’s trust indenture and the fourth supplemental indenture dated April 8, 2009. The price will be equal to the greater of a price based on the yield of a corresponding Government of Canada bond plus 125 basis points, and par, together in each case with accrued and unpaid interest on the notes to the date of redemption. The specific redemption price will be made available on Oct. 3. Interest on the notes will stop accruing on the redemption date.