PrefBlog

Great-West Lifeco has announced:

the closing of its previously announced offering of Non-Cumulative First Preferred Shares, Series L. Following the successful sale of the initially announced offering of 6,000,000 Series L Shares, the underwriters of the offering exercised their option to purchase an additional 800,000 Series L Shares, resulting in the Company issuing today 6,800,000 Series L Shares to raise gross proceeds of $170 million. The net proceeds will be used by the Company for general corporate purposes and to augment the Company’s current liquidity position.

The offering was made through a syndicate of underwriters co-led by BMO Capital Markets, CIBC and Scotia Capital Inc. The shares will be posted for trading on the Toronto Stock Exchange under the symbol “GWO.PR.L”.

The issue was announced last week and was priced very tight to market.

The issue traded 148,165 shares in arange of 24.45-60 before closing at 24.50-75, 18×60. Vital Statistics are:

GWO.PR.L is tracked by HIMIPref™. It has been added to the PerpetualDiscount subindex.

This entry was posted on Friday, October 2nd, 2009 at 8:12 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.