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Manulife Completes Preferred Shares Offering

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A Canadian-based insurer has completed an offering of shares yielding $200 million in proceeds.

Manulife Financial Corporation, Toronto, says it has completed an offering of 8 million Series 3 preferred at a price of $25 per share to raise gross proceeds of $200 million (CDN).

The offering was underwritten by a syndicate of investment dealers led by Scotia Capital Inc. and RBC Dominion Securities Inc. The Series 3 preferred shares began trading on the Toronto Stock Exchange under the ticker symbol MFC.PR.F.

The shares were issued under a prospectus supplement dated March 7, 2011 to Manulife’s short form base shelf prospectus dated September 3, 2010.

Manulife says the shares will not be registered in the U.S.

–Warren S. Hersch