Published on 2/10/2012 in the Prospect News Canadian Bonds Daily.
New Issue: Great-West Lifeco sells upsized C$250 million 5.4% five-year preferreds at par
By Cristal Cody
Tupelo, Miss., Feb. 10 - Great-West Lifeco Inc. said on Friday that it sold an upsized C$250 million of non-cumulative first preferred shares (DBRS: Pfd-1) at par to yield 5.4% for the initial five-year period.
The company upsized the deal from C$150 million, or 6 million shares. Great-West Lifeco sold 10 million shares of the series P preferred stock due March 31, 2017 at C$25.00 per share.
BMO Capital Markets Corp., RBC Capital Markets Corp. and Scotia Capital Inc. were the lead managers.
The shares are not redeemable prior to March 31, 2017.
Proceeds will be used for general corporate purposes and to augment the company's current liquidity position.
Winnipeg, Man.-based Great-West Lifeco operates in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses.
Issuer: | Great-West Lifeco Inc.
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Amount: | C$250 million, 10 million shares
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Maturity: | March 31, 2017 (initial)
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Securities: | Non-cumulative first preferred shares
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Bookrunners: | BMO Capital Markets Corp., RBC Capital Markets Corp., Scotia Capital Inc.
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Dividend: | 5.4%
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Price: | C$25.00 per share
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Call feature: | Not redeemable prior to March 31, 2017; $26.00 per share prior to March 31, 2018; $25.75 per share on or after March 31, 2018 but prior to March 31, 2019; $25.50 per share on or after March 31, 2019 but prior to March 31, 2020; $25.25 per share on or after March 31, 2020 but prior to March 31, 2021; and $25.00 per share on or after March 31, 2021
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Pricing date: | Feb. 10
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Settlement date: | Feb. 22
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Rating: | DBRS: Pfd-1
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Distribution: | Canada
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