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Manulife U.S. Regional Bank to list on TSX July 23

2014-07-21 20:22 ET - New Listing

Manulife U.S. Regional Bank Trust will begin trading on the Toronto Stock Exchange as an industrial issuer at the open on Wednesday, July 23, 2014, according to the TSX. The trust will invest in an actively managed portfolio consisting 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. The trust's objectives are to maximize its total return and to pay unitholders monthly distributions. The manager of the trust is Manulife Asset Management Ltd.

As in the trust's June 25, 2014, prospectus, it plans to sell 23 million units and/or unlisted Class U units (including an overallotment option of three million units) at $10 per unit or $10 (U.S.) per Class U unit. The fund intends to pay cash distributions on a monthly basis. It is targeting distributions of 4.16 cents per unit per month during the first 12 months, representing an initial yield on the issue price of 5 per cent per year. Class U unitholders can convert their units into regular units on a weekly basis.

The TSX reports the fund's units will trade under the symbol MBK.UN and Cusip No. 56502D 10 6.

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