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:
Maturity Type : Limit Maturity
Maturity Date : 2039-10-02
Maturity Price : 24.30
Evaluated at bid price : 24.50
Bid-YTW : 5.80 %
GWO.PR.L is tracked by HIMIPref™. It has been added to the PerpetualDiscount subindex.