11:42:31 EDT Thu 28 Mar 2024
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or Name
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Great-West Lifeco Inc
Symbol GWO
Shares Issued 949,808,440
Close 2012-06-27 C$ 21.42
Market Cap C$ 20,344,896,785
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Great-West Lifeco arranges $150-million financing

2012-06-28 10:32 ET - News Release

Ms. Marlene Klassen reports

GREAT-WEST LIFECO PREFERRED SHARE ISSUE

Great-West Lifeco Inc. has entered into an agreement with a syndicate of underwriters co-led by BMO Capital Markets, RBC Capital Markets and Scotiabank, under which the underwriters have agreed to buy, on a bought deal basis, six million non-cumulative first preferred shares, Series Q, from Lifeco for sale to the public at a price of $25 per Series Q share, representing aggregate gross proceeds of $150-million.

Lifeco has granted the underwriters an underwriters' option to purchase an additional two million Series Q shares at the same offering price. Should the underwriters' option be fully exercised, the total gross proceeds of the Series Q shares offering will be $200-million.

The Series Q shares will yield 5.15 per cent per annum, payable quarterly, as and when declared by the board of directors of the company. The Series Q shares will not be redeemable prior to Sept. 30, 2017. On or after Sept. 30, 2017, the company may, on not less than 30 nor more than 60 days of notice, redeem the Series Q shares in whole or in part, at the company's option, by the payment in cash of $26 per Series Q share if redeemed prior to Sept. 30, 2018, of $25.75 per Series Q share if redeemed on or after Sept. 30, 2018, but prior to Sept. 30, 2019, of $25.50 per Series Q share if redeemed on or after Sept. 30, 2019, but prior to Sept. 30, 2020, of $25.25 per Series Q share if redeemed on or after Sept. 30, 2020, but prior to Sept. 30, 2021, and of $25 per Series Q share if redeemed on or after Sept. 30, 2021, in each case together with all declared and unpaid dividends up to but excluding the date fixed for redemption.

The Series Q shares offering is expected to close on July 6, 2012. The net proceeds will be used for general corporate purposes and to augment Lifeco's current liquidity position.

We seek Safe Harbor.

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