/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TORONTO, May 17, 2013 /CNW/ - Manulife Investments is pleased to
announce that the Manulife Floating Rate Senior Loan Fund (the "Fund")
has completed its initial public offering of 23,063,949 class A units
(the "Class A Units") at a price of $10.00 per Class A Unit and
1,936,051 class U units (the "Class U Units") at a price of US $10.00
per Class U Unit for gross proceeds of approximately $250 million.
Class A Units will commence trading today on the Toronto Stock Exchange
under the symbol MFR.UN. The Class U Units are designed for investors
who want to make their investment in U.S. dollars and will not be
listed on a stock exchange, but may be converted into Class A Units on
a weekly basis. The Fund has granted to the Agents an over-allotment
option to acquire additional Class A Units at a price of $10.00 per
Class A Unit exercisable at any time during the next 30 days.
The Fund has been created to invest in an actively managed portfolio
(the "Portfolio") comprised primarily of investments in senior floating
rate loans and, to a lesser extent, short duration debt securities.
Manulife Asset Management Limited (the "Manager") will act as manager
and investment manager of the Fund. The Portfolio will be actively
managed by Manulife Asset Management (US) LLC (the "Advisor").
The Fund's investment objectives are to:
<blockquote>
(i) provide unitholders with monthly distributions;
(ii) preserve capital; and
(iii) provide the opportunity for increased income if short-term
interest rates rise.
</blockquote>
The Fund's initial distribution target is expected to be $0.05625 per
Class A Unit per month ($0.675 per annum) or US$0.05625 per Class U
Unit per month (US$0.675 per annum), representing an initial yield on
the Unit issue price of 6.75% per annum. The Fund will not have a fixed
monthly distribution amount but will at least annually, commencing in
April 2014, determine and announce an expected distribution for the
following 12 months. The initial monthly cash distribution is payable
on or before July 15, 2013 to unitholders of record on June 30, 2013.
The offering was conducted by a syndicate of Agents led by RBC Capital
Markets, CIBC and Scotiabank and included BMO Capital Markets, Manulife
Securities Incorporated, National Bank Financial Inc., TD Securities
Inc., Canaccord Genuity Corp., GMP Securities L.P., Macquarie Private
Wealth Inc., Raymond James Ltd., Desjardins Securities Inc. and Mackie
Research Capital Corporation.
The Units have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any
state of the United States, and may not be offered or sold, directly or
indirectly, in the United States (as defined in Regulation S under the
U.S. Securities Act) unless registered under the U.S. Securities Act
and applicable securities laws of any state of the United States or in
reliance on an exemption from such registration requirements. This news
release does not constitute an offer to sell, or a solicitation of an
offer to buy any of the Company's securities set out herein in the
United States.
Certain statements included in this news release constitute
forward-looking statements, including, but not limited to, those
identified by the expressions "expect", "intend", "will" and similar
expressions to the extent they relate to the Fund, the Manager and/or
the Advisor. The forward-looking statements are not historical facts
but reflect the Fund's, the Manager's, and/or the Advisor's current
expectations regarding future results or events. These forward-looking
statements are subject to a number of risks and uncertainties that
could cause actual results or events to differ materially from current
expectations. Although the Fund, the Manager, and/or the Advisor
believes that the assumptions inherent in the forward-looking
statements are reasonable, forward-looking statements are not
guarantees of future performance and, accordingly, readers are
cautioned not to place undue reliance on such statements due to the
inherent uncertainty therein. The Fund, the Manager and/or the Advisor
undertakes no obligation to update publicly or otherwise revise any
forward-looking statement or information whether as a result of new
information, future events or other such factors which affect this
information, except as required by law.
About Manulife Investments
Manulife Investments is the brand name describing certain Canadian
subsidiaries and operating divisions of Manulife Financial Corporation
that offer personal wealth management products and services in Canada.
As one of Canada's leading integrated financial services providers,
Manulife Investments offers a variety of products and services
including segregated fund contracts, mutual funds, annuities and
guaranteed interest contracts.
About Manulife Asset Management
Manulife Asset Management is the global asset management arm of Manulife
Financial. Manulife Asset Management provides comprehensive asset
management solutions for institutional investors and investment funds
in key markets around the world. Manulife Asset Management also
provides investment management services to affiliates' retail clients
through product offerings of Manulife and John Hancock. This investment
expertise extends across a broad range of asset classes including
equity, fixed income and alternative investments such as real estate,
timber, farmland, as well as asset allocation strategies. Manulife
Asset Management has investment presence in the United States, Canada,
the United Kingdom, Japan, Hong Kong, Singapore, Taiwan, Indonesia,
Thailand, Vietnam, Malaysia and the Philippines. In addition, it has a
joint venture asset management business in China, Manulife TEDA. It
also has operations in Australia, New Zealand, Brazil and Uruguay. John
Hancock Asset Management, Hancock Natural Resource Group and
Declaration Management and Research are units of Manulife Asset
Management. As at March 31, 2013, assets under management were C$252
billion. Additional information about Manulife Asset Management can be
found at manulifeam.com.
About Manulife Financial
Manulife Financial is a leading Canada-based financial services group
with principal operations in Asia, Canada and the United States.
Clients look to Manulife for strong, reliable, trustworthy and
forward-thinking solutions for their most significant financial
decisions. Our international network of employees, agents and
distribution partners offers financial protection and wealth management
products and services to millions of clients. We also provide asset
management services to institutional customers. Funds under management
by Manulife Financial and its subsidiaries were C$555 billion (US$547
billion) as at March 31, 2013. The Company operates as Manulife
Financial in Canada and Asia and primarily as John Hancock in the
United States.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE,
and under '945' on the SEHK. Manulife Financial can be found on the
Internet at manulife.com.
SOURCE: Manulife Mutual Funds
![](http://rt.newswire.ca/rt.gif?NewsItemId=C8063&Transmission_Id=201305170835CANADANWCANADAPR_C8063&DateId=20130517)
Beth McGoldrick, Manulife Investments, 1-617-663-4751, beth_mcgoldrick@manulifeam.com, or Brian Carmichael, Manulife Investments, 1-617-663-4748, brian_carmichael@manulifeam.com