Paying off DebtsTORONTO, Jan. 13, 2011 (Canada NewsWire via COMTEX News Network) --
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The Manufacturers Life Insurance Company ("Manulife") today announced it has exercised its right to redeem, on February 16, 2011, all of the outstanding $550,000,000 principal amount of 6.24% Subordinated Debentures due February 16, 2016 (CUSIP No. 564835AB2) at par plus accrued and unpaid interest to the date fixed for redemption. Formal notice of redemption has been delivered to the registered holder of the Subordinated Debentures in accordance with the terms of the trust indenture made as of February 16, 2001.
The redemption is part of Manulife's ongoing capital management activities.
I do hope MFC uses the $34M interest saved to increase the dividend.... at least 15%