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Hancock To Borrow $3 Billion

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NU Online News Service, Aug. 23, 1:04 p.m. – John Hancock Financial Services Inc., Boston, says its John Hancock Life Insurance Company unit will be borrowing up to $3 billion over three years by selling a series of fixed-rate, medium-term bonds aimed at retail investors.

Hancock plans to sell $20 million worth of the new SignatureNotes series bonds in the United States each week through registered securities broker-dealers. ABN AMRO Financial Services, Amsterdam, will be the lead dealer.

The ratings on the new bonds should be the same as the ratings on Hancock’s other senior, unsecured debt securities, Hancock says.

Hancock expects to start by selling notes with maturities of five years and 10 years, but maturities on other bonds in the series could range from 12 months to 30 years.

The minimum investment will be $1,000, and Hancock will offer customers a choice of monthly, quarterly, semi-annual and annual payment schedules.