TSX/NYSE/PSE: MFC SEHK:945
TORONTO, July 23, 2014 /CNW/ - Manulife Investments is pleased to
announce that the Manulife U.S. Regional Bank Trust (the "Fund") has
closed its initial public offering of 9,170,000 class A units (the
"Class A Units") at a price of $10.00 per Class A Unit and 1,629,895
class U units (the "Class U Units", together with the Class A Units,
the "Units") at a price of US$10.00 per Class U Unit for gross proceeds
of approximately $108 million. The Class A Units will commence trading
today on the Toronto Stock Exchange under the symbol MBK.UN. The Class
U Units will not be listed on a stock exchange, but are convertible
into Class A Units on a weekly basis. The Fund has granted to the
agents an over-allotment option to acquire up to an additional
1,375,500 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 securities of U.S. regional
banks and lending companies, including commercial banks and industrial
banks, savings and loan associations, and bank and financial holding
companies. Manulife Asset Management Limited (the "Manager") will act
as trustee, 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:
(i) maximize total return through capital appreciation and
distributions; and
(ii) provide holders of the Units with monthly distributions.
The Manager paid the expenses of the offering and a portion of the
agents' fees and as a result, the initial net asset value per Unit for
the Class A Units and Class U Units immediately following the closing
of the offering was $9.70 and US$9.70, respectively.
The Fund's initial target distribution amount is expected to be $0.0416
per Class A Unit per month (or $0.50 per annum), and US$0.0416 per
Class U Unit per month (or US$0.50 per annum), representing an initial
yield on the original Unit issue price of 5.00% per annum. The Fund
does not have a fixed monthly distribution amount but will at least
annually, commencing in January 2015, determine and announce an
expected distribution amount for the following 12 months. The initial
monthly cash distribution is payable on or before October 15, 2014 to
unitholders of record on September 30, 2014.
The offering was conducted by a syndicate of agents co-led by RBC
Capital Markets and CIBC, that included Scotiabank, TD Securities Inc.,
BMO Capital Markets, National Bank Financial Inc., GMP Securities L.P.,
Manulife Securities Incorporated, Raymond James Ltd., Canaccord Genuity
Corp., Desjardins Securities Inc., Dundee Securities Inc. and Mackie
Research Capital Corporation.
This news release does not constitute an offer to sell, or a
solicitation of an offer to buy any of the Fund's securities set out
herein in the United States.
For more information, please contact Manulife Customer Service at
1-888-333-3240.
Forward Looking Statements
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, providing comprehensive asset management solutions for
institutional investors and investment funds in key markets around the
world. This investment expertise extends across a broad range of public
and private asset classes, as well as asset allocation solutions. As at
March 31, 2014, assets under management for Manulife Asset Management
were C$298 billion (US$269 billion).
Manulife Asset Management's public markets units have investment
expertise across a broad range of asset classes including public equity
and fixed income, and asset allocation strategies. Offices with full
investment capabilities are located in the United States, Canada, the
United Kingdom, Japan, Hong Kong, Singapore, Taiwan, Indonesia,
Thailand, Vietnam, Malaysia, and the Philippines. In addition, Manulife
Asset Management has a joint venture asset management business in
China, Manulife TEDA. The public markets units of Manulife Asset
Management also provide investment management services to affiliates'
retail clients through product offerings of Manulife and John Hancock.
John Hancock Asset Management and Declaration Management and Research
are units of Manulife Asset Management. Additional information about
Manulife Asset Management may be found at ManulifeAM.com.
About Manulife
Manulife 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 and its
subsidiaries were approximately C$635 billion (US$574 billion) as at
March 31, 2014. Our group of companies operates as Manulife 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 can be found on the Internet at manulife.com.
SOURCE Manulife Financial Corporation
