Form 20-F
|
¨
|
Form 40-F
|
þ
|
Yes
|
¨
|
No
|
þ
|
Exhibit
|
Description of Exhibit
|
99.1
|
The Manufacturers Life Insurance Company and BNY Trust Company of Canada - Fifth Supplemental Indenture
|
99.2
|
Manulife Financial Corporation Guarantee
|
MANULIFE FINANCIAL CORPORATION
|
|
By: /s/ Kay Song
|
|
Name: Kay Song
|
|
Title: Assistant Corporate Secretary
|
|
Date: February 21, 2014
|
Exhibit
|
Description of Exhibit
|
99.1
|
The Manufacturers Life Insurance Company and BNY Trust Company of Canada - Fifth Supplemental Indenture
|
99.2
|
Manulife Financial Corporation Guarantee
|
1.1
|
To be read with Indenture.
|
1.2
|
Definitions.
|
|
(a)
|
the expressions “Article” and “Section” followed by a number mean and refer to the specified Article and Section of this Fifth Supplemental Indenture unless otherwise expressly stated. Other expressions defined in the Principal Indenture have the same meanings when used in this Fifth Supplemental Indenture.
|
|
(b)
|
“3-month CDOR” means, for any quarterly floating rate interest period, the average bid rate of interest (expressed as an annual percentage rate) rounded to the nearest one-hundred-thousandth of 1.00% (with .000005 per cent being rounded up) for Canadian dollar bankers’ acceptances with maturities of three months which appears on the Reuters
|
|
Screen CDOR Page as of 10:00 a.m., Toronto time, on the first Business Day of such quarterly interest period. If such rate does not appear on the Reuters Screen CDOR Page on such day, the 3-month CDOR for such period shall be the average of the bid rates of interest (expressed and rounded as set forth above) for Canadian dollar bankers’ acceptances with maturities of 90 days for same-day settlement as quoted by such of the Schedule I banks (as defined in the Bank Act (Canada)) as may quote such a rate as of 10:00 a.m., Toronto time, on the first Business Day of such quarterly interest period.
|
|
(c)
|
“Bankers’ Acceptance Rate” means, for any interest period, the rate applicable to Canadian dollar bankers’ acceptances with a term to maturity of 30 days appearing on the Reuters Screen CDOR Page (or any successor or substitute page or service) as of 10:00 a.m. Toronto time on the first day of such interest period.
|
|
(d)
|
“Business Day” means any day on which Canadian chartered banks are open for business in Toronto and which is not a Saturday or Sunday.
|
|
(e)
|
“Indenture” (when not qualified by the words “Principal”, “Original” or “Supplemental”), “hereto”, “hereby”, “hereunder”, “hereof”, “herein” and similar expressions refer to the Principal Indenture and all indentures, deeds or other instruments supplemental or ancillary thereto, including this Fifth Supplemental Indenture and not to any particular Article, Section, subdivision or portion hereof.
|
|
(f)
|
“Debentures” means the debentures of the series referred to in Article 2 of this Fifth Supplemental Indenture.
|
|
(g)
|
“MCCSR” means the Minimum Continuing Capital Surplus Requirements (or its equivalent) for Canadian federally regulated insurance companies.
|
|
(h)
|
“Prospectus Supplement” means a prospectus supplement for the Debentures.
|
|
(i)
|
“Program Amount” means the aggregate principal amount of debentures qualified for issuance from time to time under the Prospectus then in effect. As of the date of this Supplement the Program Amount is $2,000,000,000.
|
|
(j)
|
“Prospectus” means the short form base shelf prospectus of the Corporation with respect to the continuous offering of debentures filed with the securities regulatory authority in each of the provinces and territories of Canada from time to time, including any amendments or supplements thereto (other than any Prospectus Supplement).
|
|
(k)
|
“Reuters Screen CDOR Page” means the display designated as page “CDOR” on the Reuters Monitor Money Rates Service (or such other page as may replace the CDOR page on that service) for purposes of displaying Canadian dollar bankers’ acceptance rates.
|
|
(l)
|
“Superintendent” means the Superintendent of Financial Institutions appointed pursuant to the Office of the Superintendent of Financial Institutions Act (Canada).
|
|
(m)
|
“Supplement” means this Fifth Supplemental Indenture made as of the date hereof, together with all schedules hereto.
|
|
(n)
|
“U.S. Person” means a U.S. Person as defined in Regulation S under the U.S. Securities Act.
|
|
(o)
|
“U.S. Securities Act” means the United States Securities Act of 1933, as amended.
|
|
(p)
|
“Written Order of the Corporation” has the meaning given in the Principal Indenture.
|
2.1
|
Form, Terms and Certification and Delivery of the 2.811% Fixed/Floating Subordinated Debentures.
|
|
(a)
|
The fifth series of debentures authorized to be issued from time to time hereunder, as one series, are designated “2.811% Fixed/Floating Subordinated Debentures” and are herein sometimes called the “Debentures”. The Debentures may be issued by the Corporation from time to time in an unlimited aggregate principal amount and may only be validly issued when the aggregate principal amount of the Debentures to be issued, when added to the aggregate principal amount of all debentures previously or simultaneously issued under the Prospectus in effect on the date of issue, does not exceed the Program Amount. Upon any increase or decrease from time to time in the Program Amount, the Corporation shall forthwith deliver to the Trustee a certified copy of the resolution of the Directors of the Corporation approving such change, together with a copy of any amendment of or supplement to the Prospectus relating to such increase or decrease. Debentures shall be delivered to the Trustee on the respective terms set out in Article 4 and, subject to compliance with the provisions of Section 2.2.1 of the Principal Indenture, shall be certified by or on behalf of the Trustee by a certificate substantially in the form specified on Schedule A and delivered by the Trustee upon receipt of the Written Order of the Corporation.
|
3.1
|
Designation and Issue.
|
|
(a)
|
Principal Amount. The initial principal amount of the Debentures which may be issued under this Fifth Supplemental Indenture is $500,000,000. The Corporation may, at its option, reopen this series of debt securities in accordance with the provisions of Section 2.2.3 of the Principal Indenture.
|
|
(b)
|
Issue Date. The Debentures will be dated February 21, 2014 (regardless of their actual date of issue) (the “Issue Date”).
|
|
(c)
|
Fixed Rate of Interest. The Debentures will bear interest from the Issue Date to but excluding February 21, 2019 at a fixed annual rate of 2.811% payable in equal semi-
|
|
annual installments on February 21, and August 21 of each year, with the first interest payment due on August 21, 2014 and the last interest payment due on February 21, 2019. The amount payable from and including the Issue Date to but excluding August 21, 2014 will be $14.055 per $1,000 principal amount of Debentures.
|
|
(d)
|
Floating Rate of Interest. The Debentures will bear interest from and including February 21, 2019 to but excluding February 21, 2024, at a floating rate of interest equal to the 3-month CDOR plus 0.80% payable quarterly in arrears on the on the 21st of each of February, May, August and November in each year, commencing May 21, 2019. The Corporation shall provide to the Trustee its interest calculation in respect of any floating rate interest period.
|
|
(e)
|
Calculation of Interest. Interest will be calculated on the basis of a year of 365 days.
|
|
(f)
|
Stated Maturity Date. The Debentures will mature on February 21, 2024.
|
|
(g)
|
Denominations. The Debentures will be issued in minimum denominations of $1,000 and integral multiples thereof, subject as provided in accordance with clause (k) below;
|
|
(h)
|
Redemptions. The Corporation may, at its option, redeem the Debentures, with the prior approval of the Superintendent, in accordance with the provisions of Article 3 of the Principal Indenture and on not less than 30 days’ nor more than 60 days’ prior notice to the applicable Holder, in whole or in part, on or after February 21, 2019 at a redemption price equal to par, together with accrued and unpaid interest to but excluding the date of redemption.
|
|
(i)
|
Defeasance. On or after February 21, 2019, the Corporation may, at its option, elect, with the prior approval of the Superintendent, to be released from the terms of the Indenture relating to the outstanding Debentures in accordance with the provisions of Article 8 of the Principal Indenture.
|
|
(j)
|
Amendments Affecting Capital Treatment. Each of the Corporation and the Trustee agrees, and each Holder of a Debenture, by such Holder’s acceptance thereof, likewise agrees, not to make any changes to this Indenture or the Debentures, without, but may from time to time with, the prior approval of the Superintendent, which might affect the classification afforded the Debentures from time to time for capital adequacy purposes pursuant to the Insurance Companies Act (Canada) or the MCCSR.
|
|
(k)
|
Currency. The Debentures will be issued in Canadian Dollars.
|
|
(l)
|
Form. Each Debenture will be issued substantially in the form of the registered Debenture as set out in Article 4.
|
|
(m)
|
Place of Payment. Payments of principal and interest on each registered interest bearing Debenture shall be made in Canadian Dollars at the head office of the Trustee in Toronto, Ontario.
|
|
(n)
|
U.S. Legend. The Trustee acknowledges that the Debentures have not been and will not be registered under the U.S. Securities Act, and may not be offered or sold within the United States, except that the Debentures may be offered or sold to Qualified Institutional
|
|
Buyers pursuant to Rule 144A under the U.S. Securities Act. Each Debenture issued to a U.S. Person pursuant to an exemption from the registration requirements of the U.S. Securities Act, and all Debentures issued in exchange or transfer therefore, shall bear the legend set forth on Schedule B in boldface print on the face of such certificate.
|
|
(o)
|
Upon receipt by the Trustee of the documents and instruments required pursuant to this Fifth Supplemental Indenture, the Trustee shall certify the Debentures and cause the Debentures to be delivered in accordance with the Written Order of the Corporation.
|
3.2
|
Execution and Delivery of Book-Entry Securities.
|
4.1
|
2.811% Fixed/Floating Subordinated Debentures.
|
5.1
|
Acceptance of Trust.
|
5.2
|
Counterparts and Formal Date.
|
THE MANUFACTURERS LIFE INSURANCE COMPANY
|
||
By:
|
“Stephen B. Roder”
|
|
Name: Stephen B. Roder
|
||
Title: Senior Executive Vice President and Chief Financial Officer
|
||
By:
|
“H. Steven Moore”
|
|
Name: H. Steven Moore
|
||
Title: Senior Vice President, Treasurer and Investor Relations
|
BNY TRUST COMPANY OF CANADA
|
||
By:
|
“Steven Broude”
|
|
Name: Steven Broude
|
||
Title: Authorized Signatory
|
CUSIP No.:
|
564835AG1
|
Interest Calculation:
|
Actual / 365
|
Issue Date:
|
February 21, 2014
|
Registered Holder:
|
CDS & Co.
|
Maturity Date:
|
February 21, 2024
|
Principal Amount:
|
$500,000,000
|
Interest Rate:
|
2.811% (0-5 years); 3-month CDOR + 0.80% (5 years - maturity)
|
||
Interest Payment Dates:
|
February 21 and August 21 (0-5 years); February 21, May 21, August 21 and November 21 (5 years - maturity)
|
||
THE MANUFACTURERS LIFE INSURANCE COMPANY
|
||
By:
|
||
Name: Stephen B. Roder
|
||
Title: Senior Executive Vice President and Chief Financial Officer
|
||
c/s
|
||
By:
|
||
Name: H. Steven Moore
|
||
Title: Senior Vice President, Treasurer and Investor Relations
|
BNY TRUST COMPANY OF CANADA,
Trustee
|
||
By:
|
||
Name: Steven Broude
Title: Authorized Signatory
|
Date of Registration
|
In Whose Name Registered
|
Signature of Trustee or Registrar
|
I or we assign and transfer this Debenture to
|
(Print or type assignee’s name, address and postal code)
|
(Insert assignee’s social insurance or security or tax identifying number)
|
Date:
|
Your Signature:
|
||||
|
(a)
|
“Business Day” means any day on which Canadian chartered banks are open for business in Toronto, Ontario and which is not a Saturday or a Sunday;
|
|
(b)
|
“Continuous Disclosure Exemption” has the meaning attributed to such term in the recitals hereto;
|
|
(c)
|
“Guaranteed Obligations” has the meaning attributed to such term in Section 2 hereof;
|
|
(d)
|
“Guarantor Senior Indebtedness” means the principal of and the interest and premium, if any, in respect of:
|
|
(i)
|
indebtedness of the Guarantor (other than indebtedness evidenced by this Subordinated Guarantee) whether outstanding on the date of this Subordinated Guarantee or thereafter created, incurred, assumed or guaranteed, for money borrowed by the Guarantor or for money borrowed by others for the payment of which the Guarantor is responsible or liable;
|
|
(ii)
|
indebtedness of the Guarantor whether outstanding on the date of the Subordinated Guarantee or thereafter created, incurred, assumed or guaranteed by the Guarantor in connection with the acquisition by the Guarantor or by others of any business, property or other assets;
|
|
(iii)
|
renewals, extensions or refunds of any indebtedness referred to in Sections (d)(i) or (d)(ii) above;
|
|
(iv)
|
obligations to trade creditors incurred in the ordinary course of business; and
|
|
(v)
|
any other indebtedness of the Guarantor that does not constitute either (i) subordinated indebtedness for the purpose of the Insurance Companies Act (Canada) or (ii) a Policy Liability;
|
|
(e)
|
“Holders” means the Persons from time to time entered in the registers of the Corporation for the Debentures as holders of Debentures;
|
|
(f)
|
“MD&A” has the meaning attributed thereto in Section 13 hereof;
|
|
(g)
|
“Person” means any individual, partnership, limited partnership, joint venture, syndicate, sole proprietorship, company or corporation with or without share capital, unincorporated association, trust, trustee, executor, administrator or other legal personal representative, government or governmental authority or entity, however designated or constituted; and
|
|
(h)
|
“Policy Liabilities” means, to the extent applicable, any claims of holders of policies of insurance issued by the Guarantor or for which the Guarantor is responsible or liable and described in paragraph 161(1)(c) of the Winding-Up and Restructuring Act (Canada) and any other statute hereafter enacted in substitution therefor, as such act or substituted statute may be amended from time to time.
|
|
(a)
|
any extension of the time or times for the payment of the Guaranteed Obligations, renewal, settlement, compromise, waiver, indulgence or release granted to the Corporation by the Holders or the Trustee in respect of any obligation of the Corporation under the Indenture or any Debenture, by operation of law or otherwise;
|
|
(b)
|
any modification or amendment of or supplement to the Indenture or any Debenture;
|
|
(c)
|
any change in the corporate existence, structure or ownership of the Corporation, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Corporation or its assets or any resulting release or discharge of any obligation of the Corporation contained in the Indenture or any Debenture;
|
|
(d)
|
the existence of any defense, claim, set-off or other rights which the Guarantor may have at any time against the Corporation, the Trustee, any Holder or any other Person, whether in connection herewith or any unrelated transactions;
|
|
(e)
|
any invalidity, illegality, irregularity or unenforceability for any reason of the Indenture or any Debenture or in any part thereof as regards the Corporation, or any provision of applicable law or regulation purporting to prohibit the payment by the Corporation of the principal, premium, if any, interest or redemption price, if any, on any Debenture or any other amount payable by the Corporation under the Indenture;
|
|
(f)
|
any other act or omission to act or delay of any kind by the Corporation, the Trustee, any Holder or any other Person or any other circumstance whatsoever which might, but for the provisions of this paragraph, constitute a legal or equitable discharge or defense of the Guarantor’s obligations hereunder;
|
|
(g)
|
any contest by the Corporation or any Person as to the amount of the Guaranteed Obligations;
|
|
(h)
|
the failure to enforce the provisions of any Debenture or the Indenture; or
|
|
(i)
|
the recovery of any judgment against the Corporation or any action to enforce the same.
|
|
(a)
|
The terms of this Section 4(a) and Section 4(c) have paramountcy over the terms of every other section of this Subordinated Guarantee. The Guarantor covenants and agrees that the Guarantor’s obligations under this Subordinated Guarantee to make any payment with respect to the Debentures are expressly postponed and subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the prior payment in full of all Policy Liabilities and all Guarantor Senior Indebtedness, in accordance with the terms of such Policy Liabilities and Guarantor Senior Indebtedness whether now outstanding or hereinafter incurred. Upon any distribution of assets of the Guarantor upon any dissolution, winding-up, liquidation or reorganization of the Guarantor, whether in bankruptcy, insolvency, reorganization or receivership proceedings or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of the Guarantor or otherwise (subject to the power of a court of competent jurisdiction to make other equitable provision reflecting the rights conferred in this Subordinated Guarantee upon the Policy Liabilities and the Guarantor Senior Indebtedness and the holders thereof with respect to payments in respect of this Subordinated Guarantee and the Holders by a lawful plan or reorganization under applicable insolvency law),
|
|
(i)
|
the holders of all Policy Liabilities and all Guarantor Senior Indebtedness shall be entitled to receive payment in full of any principal thereof, premium, if any, interest, redemption price, if any, or any other amount payable, and any interest thereon, due thereon before any Holder is entitled to receive any payment pursuant to this Subordinated Guarantee in respect of the principal, premium, interest, redemption price or any other amount payable of or on the Debentures, or interest on overdue amounts thereof;
|
|
(ii)
|
any payment or distribution of assets of the Guarantor of any kind or character, whether in cash, property or securities, to which the Holders or the Trustee would be entitled except for the provisions of this Section 4(a) shall be paid by the liquidating trustee or agent or other person making such payment or distribution, whether a trustee in bankruptcy, a receiver or liquidating trustee or otherwise, directly to the holders of Policy Liabilities and Guarantor Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under which any instruments evidencing any of such Policy Liabilities or Guarantor Senior Indebtedness may have been issued, as their respective interests may appear, to the extent necessary to make payment in full of all such Policy Liabilities and Guarantor Senior Indebtedness remaining unpaid, after giving effect to any concurrent payment or distribution to the holders of such Policy Liabilities and Guarantor Senior Indebtedness in respect thereof; and
|
|
(iii)
|
in the event that, notwithstanding the foregoing, any payment or distribution of assets of the Guarantor of any kind or character, whether
|
|
in cash, property or securities, shall be received by the Trustee on behalf of the Holders or any Holder before all Policy Liabilities and all Guarantor Senior Indebtedness is paid in full, such payment or distribution shall be paid over to the holders of such Policy Liabilities and Guarantor Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under which any instruments evidencing any of such Policy Liabilities and Guarantor Senior Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all Policy Liabilities and all Guarantor Senior Indebtedness remaining unpaid until all such Policy Liabilities and Guarantor Senior Indebtedness shall have been paid in full, after giving effect to any concurrent payment or distribution to the holders of such Policy Liabilities and Guarantor Senior Indebtedness in respect thereof.
|
|
(b)
|
Subject to the payment in full of all Policy Liabilities and all Guarantor Senior Indebtedness when due and owing, the Holders shall be subrogated to the rights of the holders of Policy Liabilities and Guarantor Senior Indebtedness to receive payments or distributions of cash, property or securities of the Guarantor applicable to Policy Liabilities and Guarantor Senior Indebtedness until the principal, premium, interest, redemption price, if any, or any other amount payable, and any interest thereon, of or on the Debentures shall be paid in full and no payments or distributions to the Holders of cash, property or securities otherwise distributable to the Policy Liabilities and Guarantor Senior Indebtedness shall, as between the Guarantor, its creditors other than the holders of Policy Liabilities and Guarantor Senior Indebtedness, and the Holders, be deemed to be a payment by the Guarantor to or on account of the Debentures. It is understood that the provisions of this paragraph and paragraph (a) above are and are intended solely for the purpose of defining the relative rights of the Holders, on the one hand, and the holders of Policy Liabilities and Guarantor Senior Indebtedness, on the other hand. Nothing contained in this paragraph or paragraph (a) above or elsewhere in this Subordinated Guarantee (other than Section 13 hereof) is intended to or shall impair, as between the Guarantor, its creditors other than the holders of Policy Liabilities and Guarantor Senior Indebtedness, and the Holders, the obligation of the Guarantor, which is unconditional and absolute, to pay to the Holders the principal, premium, interest, redemption price or any other amount payable of or on the Debentures, as and when the same shall become due and payable in accordance with their terms, or to affect the relative rights of the Holders and creditors of the Guarantor other than the holders of Policy Liabilities and Guarantor Senior Indebtedness, nor shall anything herein or in the Debentures prevent the Trustee or the Holders from exercising all remedies otherwise permitted by applicable law upon default under the Indenture, subject to the rights, if any, under this paragraph or paragraph (a) above of the holders of Policy Liabilities and Guarantor Senior Indebtedness in respect of cash, property or securities of the Guarantor received upon the exercise of any such remedy.
|
|
(c)
|
No payment by the Guarantor on account of principal, premium, interest, redemption price or any other amount payable of or on the Debentures shall be made unless full payment of amounts then due for principal, premium, if any, sinking funds and interest or any other amount payable on Policy Liabilities and
|
|
Guarantor Senior Indebtedness has been made or duly provided for in money or money’s worth.
|
|
(d)
|
The Guarantor shall be subrogated to all rights of the Holders and the Trustee against the Corporation in respect of any amounts paid to such Holders by the Guarantor pursuant to the provisions of this Subordinated Guarantee; provided, however, that the Guarantor shall not be entitled to enforce or to receive any payments arising out of or based upon such right of subrogation until the principal of, premium, if any, interest and redemption price, if any, on all Debentures shall have been paid in full.
|
|
(a)
|
The Guarantor shall furnish to the Trustee and each Holder such continuous disclosure documents of the Guarantor that the Guarantor is required to deliver to Holders pursuant to the Continuous Disclosure Exemption in the manner and at the times required by the Continuous Disclosure Exemption.
|
|
(b)
|
The Guarantor shall file with Canadian securities regulatory authorities such continuous disclosure documents of the Guarantor that the Guarantor is required to file pursuant to the Continuous Disclosure Exemption in the manner and at the times required by the Continuous Disclosure Exemption.
|
|
(a)
|
Authorization; No Contravention. The execution, delivery and performance by the Guarantor of this Subordinated Guarantee (i) are within its powers, have been duly authorized by all necessary corporate action, require no action by or in respect of, or filing with, any governmental body, agency or official except as have been obtained or filed, and do not contravene any of the terms, conditions or provisions of the by-laws, constating documents or resolutions of its shareholders or directors, and (ii) do not contravene, or constitute a default under, any provision of applicable law or regulation, as amended from time to time, or of any judgment, injunction, order, decree, agreement or other instrument binding upon the Guarantor or result in or require the creation or imposition of any lien on any asset of the Guarantor other than any contravention, default or lien which would not have a material adverse effect on the ability of the Guarantor to perform its obligations under this Subordinated Guarantee.
|
|
(b)
|
Binding Effect. This Subordinated Guarantee constitutes the legal, valid and binding obligation of the Guarantor, enforceable against the Guarantor in accordance with its terms, except as such enforceability may be limited by the effect of any bankruptcy, insolvency, fraudulent conveyances, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity and subject to the qualifications that equitable remedies may only be granted in a court of competent jurisdiction (regardless of whether such enforceability is considered in a proceeding at law or in equity).
|
|
(c)
|
Litigation. There is no action, suit or proceeding pending against the Guarantor or, to the knowledge of the Guarantor, threatened against the Guarantor before any court or arbitrator or any governmental body, agency or official in which there is a reasonable possibility of an adverse decision (i) which, except as disclosed by the Guarantor in any filings with Canadian securities regulatory authorities, would have a material adverse effect on the ability of the Guarantor to perform its obligations under this Subordinated Guarantee, or (ii) which in any manner draws into question the enforceability or validity of this Subordinated Guarantee.
|
If to the Guarantor:
|
Manulife Financial Corporation
200 Bloor Street East
Toronto, Ontario
M4W 1E5
Attention: Treasurer
Fax No.: 416-926-5834
|
(seal)
|
MANULIFE FINANCIAL CORPORATION
|
||
By:
|
“H. Steven Moore”
|
||
Name: H. Steven Moore
|
|||
Title: Senior Vice President, Treasurer
and Investor Relations
|