June 26, 2014 /CNW/ - Manulife Investments is pleased to announce that a final prospectus for Manulife U.S. Regional Bank Trust (the "Fund") has been filed and receipted by the securities regulatory authorities of all the Canadian provinces and territories for an initial public offering (the "Offering") of Class A Units and Class U Units of the Fund (collectively, the "Units") at a price of
$10.00 per Class A Unit and
US$10.00 per Class U Unit.
The maximum amount of the Offering is
$200 million or 20 million Units. The Offering is expected to close on or about
July 23, 2014. The Toronto Stock Exchange (the "TSX") has conditionally approved the listing of the Class A Units under the symbol MBK.UN, subject to the fulfillment of TSX requirements. The Class U Units will not be listed on an exchange.
The Fund's investment objectives are to:
- maximize total return through capital appreciation and distributions; and
- provide holders of the Units with monthly distributions.
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 Manager has agreed to pay 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 will be
The Fund's initial target distribution amount is expected to be
per Class A Unit per month (or
per annum), and
per Class U Unit per month (or
per annum), representing an initial yield on the original Unit issue price of 5.00% per annum.
The Offering is being conducted by a syndicate of Agents co-led by RBC Capital Markets and CIBC World Markets Inc., that also includes Scotia Capital Inc., 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 Limited and Mackie Research Capital Corporation.
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