Manulife Financial acquisition funding might include debt, preferreds

By Angela McDaniels

Tacoma, Wash., Sept. 3 – Manulife Financial Corp. may issue debt and/or preferred shares to help fund its C$4 billion acquisition of the Canadian-based operations of Standard Life plc, according to a company news release.

The balance of the acquisition funding will come from a C$1.6 billion public bought-deal offering of subscription receipts, the placement of C$500 million subscription receipts with Caisse de dépôt et placement du Québec and internal resources.

Subject to the receipt of approvals, the company expects to close the acquisition in the first quarter of 2015.

Manulife is a financial services group based in Toronto.

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