By Cristal Cody
Tupelo, Miss., May 9 – Great-West Lifeco Inc. announced on Tuesday that it priced C$150 million of non-cumulative first preferred shares with a 5.15% annual dividend.
The company sold 6 million shares of the series T preferred stock at C$25.00 per share.
BMO Capital Markets Corp., CIBC World Markets Inc., Scotia Capital Inc. and TD Securities Inc. were the lead managers.
The deal includes an over-allotment option of C$50 million, or 2 million shares.
Great-West Lifeco may redeem the preferreds on and after June 30, 2022.
The shares may be redeemed on and after June 30, 2022 and before June 30, 2023 at C$26.00 per share; at C$25.75 per share if redeemed on or after June 30, 2023; at C$25.50 per share if redeemed on or after June 30, 2024 and before June 30, 2025; at C$25.25 per share if redeemed on or after June 30, 2025 and before June 30, 2026 and at C$25.00 per share if redeemed on or after June 30, 2026.
Proceeds will be used for general corporate purposes and to augment the company’s current liquidity position.
Great-West Lifeco is a Winnipeg, Man.-based insurance and financial services holding company.
| Issuer: | Great-West Lifeco Inc.
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| Amount: | C$150 million, 6 million shares
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| Greenshoe: | C$50 million, 2 million shares
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| Maturity: | June 30, 2022
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| Securities: | Non-cumulative first preferred shares
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| Bookrunners: | BMO Capital Markets Corp., CIBC World Markets Inc., Scotia Capital Inc. and TD Securities Inc.
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| Dividend: | 5.15%
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| Price: | C$25.00 per share
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| Call feature: | The shares may be redeemed on and after June 30, 2022 and before June 30, 2023 at C$26.00 per share; at C$25.75 per share if redeemed on or after June 30, 2023; at C$25.50 per share if redeemed on or after June 30, 2024 and before June 30, 2025; at C$25.25 per share if redeemed on or after June 30, 2025 and before June 30, 2026 and at C$25.00 per share if redeemed on or after June 30, 2026
|
| Pricing date: | May 9
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| Settlement date: | May 18
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| Distribution: | Canada
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